New PDF release: What's Right With Macroeconomics? (The Cournot Centre

By Robert M. Solow, Jean-Philippe Touffut

ISBN-10: 1781007446

ISBN-13: 9781781007440

International crises are very infrequent occasions. After the nice melancholy and the good Stagflation, new macroeconomic paradigms linked to a brand new coverage regime emerged. This booklet addresses how a few macroeconomic principles have failed, and examines which theories researchers may still look after and strengthen. It questions how the sector of economics - nonetheless reeling from the worldwide monetary quandary initiated in the summertime of 2007 - will respond.
The participants, 9 highly-renowned macroeconomists, spotlight the virtues of eclectic macroeconomics over an authoritarian normative procedure, and illustrate that macroeconomic reasoning can nonetheless be a great tool for undertaking useful coverage research. As for rising study programmes, their wide-ranging chapters remind us that there are confident methods to and purposes to think in out of date macroeconomics.
This difficult and thought-provoking publication will turn out a stimulating learn for researchers, teachers and scholars of economics, in addition to for pro economists.
Contributors include: W. Carlin, J.-B. Chatelain, G. Corsetti, P. De Grauwe, G. Dosi, G. Fagiolo, R.J. Gordon, M. Napoletano, X. Ragot, A. Roventini, R.M. Solow, X. Timbeau, J.-P. Touffut, V. Wieland

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Additional resources for What's Right With Macroeconomics? (The Cournot Centre series)

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8. 9. 10. 11. What’s right with macroeconomics? conducting reproducible, controlled experiments to test those predicates. As long as no experiment refutes the proposition, it is considered acceptable (that is to say, true in the naive sense of the word). Macroeconomics is characterized by statements that are generally not refutable. 1. Long-run analyses show that the post-war period was one of strong and stable growth, compared, for example, with the nineteenth century or, obviously, the first half of the twentieth century.

The scarcity of certain products may be the triggering factor. It has been shown that the underlying indices are better predictors of trends over a few quarters than price indices. This tends to confirm that scarcity is not a sufficient condition for inflation. pdf, accessed 24 August 2011. Akerlof, George (2007), ‘The missing motivation in macroeconomics’, American Economic Review, 97(1), 5–36. ’, The Journal of Political Economy, 82(6), 1095–117. Bernanke, Ben S. htm, accessed 24 August 2011.

An example of such a model competition is given by Volker Wieland and Maik Wolters (2010). Macroeconomic data, however, are unlikely to provide sufficient testing grounds for selecting a single, preferred model for policy purposes. Instead, policy recommendations should be made robust to model uncertainty. In particular, the robustness of policy prescriptions can be improved by introducing them in multiple, competing models and comparing performance across models according to established target criteria.

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What's Right With Macroeconomics? (The Cournot Centre series) by Robert M. Solow, Jean-Philippe Touffut


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