Download PDF by C. Usabiaga-Ibánez: The Current State of Macroeconomics: Leading Thinkers in

By C. Usabiaga-Ibánez

ISBN-10: 0333725328

ISBN-13: 9780333725320

ISBN-10: 1403915946

ISBN-13: 9781403915948

The ebook presents an authoritative advisor to the present nation of macroeconomics and the perspectives of the top practitioners of the self-discipline. the topic is approached from 3 major views: technique, idea and financial coverage. The focal curiosity of the ebook is its being outfitted on wide conversations with a few of the world's prime macroeconomists. The publication is established in elements: the 1st features a short advent and the transcript of the conversations, and the second one provides systematic research of the most details they include. The conversations hide the entire significant subject matters of macroeconomic concept, in addition to questions of technique, relationships with the genuine financial system, educational platforms and destiny traces of analysis. This e-book might be vital supplementary studying for macroeconomics classes at diverse degrees, and for a much broader viewers of researchers and students in economics.

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The reason it’s missing is because it’s very difficult to do in a technically satisfying way. There are obviously some simple models with heterogeneous agents, like the overlapping generations model, and Lucas’s islands model, but we haven’t really gone very far beyond that. In the future, I want to see more work in this line, particularly from new Keynesians. [9] What still remains of Keynes’s ideas? I guess the first thing to ask is what are Keynes’s ideas [laughter]. It depends on what book you read: the ideas may be very different in the Treatise on Money (Keynes, 1930), the General Theory (Keynes, 1936), and so forth.

In our societies, governments are now so big … The economy, and what happens around us is affected so much by the laws we make, and the institutions we choose, that we have to have a way of explaining why we make the laws we do, and why we change the institutions in the way we do. It’s not sufficient anymore, as it used to be, to take our institutions as exogenous, and, then, to figure out what the consequences are. It’s not sufficient because sometimes you see societies making political decisions or designing institutions that are really stupid.

Simply because you manage to replicate certain correlations reasonably closely, it doesn’t mean to say that your model is necessarily the most useful way of thinking about that data. I would have an additional particular criticism: in quite a lot of calibration-simulation studies, people are quite selective about what facts they look at. And, in addition, in the absence of looking at competing models, it’s very difficult to know what the standard of success should be. It seems to me that it’s a useful tool to add to the macroeconomist’s toolkit, which I’m sure will stay with us, but I think the approach has to recognize its limitations as well.

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The Current State of Macroeconomics: Leading Thinkers in Conversation by C. Usabiaga-Ibánez


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