The State of New Keynesian Economics: A Partial Assessment
نویسندگان
چکیده
منابع مشابه
On the Indeterminacy of New-Keynesian Economics
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: Journal of Economic Perspectives
سال: 2018
ISSN: 0895-3309
DOI: 10.1257/jep.32.3.87