منابع مشابه
Keynesian Economics
Keynesian economics (pronounced /ˈkeɪnziən/ KAYN-zee-ən, also called Keynesianism and Keynesian theory) is a macroeconomic theory based on the ideas of 20th century British economist John Maynard Keynes. Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and therefore advocates active policy responses by the public sector, including mon...
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Standard micro-founded macroeconomics starts with optimization exercises to derive the precise behavior of the representative agent and regards the macroeconomy as a homothetic enlargement of a micro agent. This paper takes a different approach and presents a new micro-foundation for Keynesian economics. The key concept is stochastic macro-equilibrium, which is a natural extension of the labor ...
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S ince John Maynard Keynes wrote the General Theory of Employment, Interest, and Money in 1936, Keynesian economics has been highly influential among academics and policymakers. Keynes has certainly had his detractors, though, with the most influential being Milton Friedman, Robert Lucas, and Edward C. Prescott. Monetarist thought, the desire for stronger theoretical foundations in macroeconomi...
متن کاملChapter 8 : New Keynesian Monetary Economics
In the 1970s, 1980s, and early 1990s, models used for monetary policy analysis combined the assumption of nominal rigidity with a simple structure that linked the quantity of money to aggregate spending. While the theoretical foundations of these models were weak, the approach proved remarkably useful in addressing a wide range of monetary policy topics.1 Today, the standard approach in monetar...
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We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to provide four examples of the consequences of lack of identiÞcation. In our Þrst two examples we show that it...
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ژورنال
عنوان ژورنال: Research in Economics
سال: 2015
ISSN: 1090-9443
DOI: 10.1016/j.rie.2015.07.005