Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Lucas Critique Revisited
Author: The Lucas Critique Revisited
Author: Stephen OlinerPublisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 56
Book Description
Microfoundations Reconsidered
Author: Pedro Garcia DuartePublisher: Edward Elgar Publishing
ISBN: 1781004102
Category : Business & Economics
Languages : en
Pages : 257
Book Description
Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.
The ECB’s Monetary Analysis Revisited
Author: Helge BergerPublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66
Book Description
Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.
Macroeconometrics
Author: Kevin D. HooverPublisher: Springer Science & Business Media
ISBN: 940110669X
Category : Business & Economics
Languages : en
Pages : 575
Book Description
Each chapter of Macroeconometrics is written by respected econometricians in order to provide useful information and perspectives for those who wish to apply econometrics in macroeconomics. The chapters are all written with clear methodological perspectives, making the virtues and limitations of particular econometric approaches accessible to a general readership familiar with applied macroeconomics. The real tensions in macroeconometrics are revealed by the critical comments from different econometricians, having an alternative perspective, which follow each chapter.
Applied Macroeconometrics
Author: Carlo A. FaveroPublisher: Oxford University Press, USA
ISBN: 9780198296850
Category : Business & Economics
Languages : en
Pages : 310
Book Description
The objective of this book is the discussion and the practical illustration of techniques used in applied macroeconometrics. There are currently three competing approaches: the LSE (London School of Economics) approach, the VAR approach, and the intertemporal optimization/Real Business Cycle approach. This book discusses and illustrates the empirical research strategy of these three alternative approaches, pairing them with extensive discussions and replications of the relevant empirical work. Common benchmarks are used to evaluate the alternative approaches.
Working Paper Series
Author: Rational Expectations
Author: Steven M. SheffrinPublisher: Cambridge University Press
ISBN: 9780521479394
Category : Business & Economics
Languages : en
Pages : 204
Book Description
This book develops the idea of rational expectations and surveys its use in economics today.
Revisiting Hayek's Political Economy
Author: Peter J. BoettkePublisher: Emerald Group Publishing
ISBN: 1785609874
Category : Business & Economics
Languages : en
Pages : 204
Book Description
Volume 21 of Advances in Austrian Economics exemplifies this focus by highlighting key research from the Austrian tradition of economics with other research traditions in economics and related areas.
Eurosystem Monetary Targeting
Author: Glenn D. RudebuschPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 40
Book Description
Compares the relative performance of monetary targeting and inflation targeting, using a small empirical model of inflation, output, and money estimated on U.S. data.