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La crisi della macroeconomia

Author

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  • Terenzio Cozzi

    () (Università degli Studi di Torino)

Abstract

The DSGE models are based on hypotheses that have the effect of excluding the possibility of severe financial and economic crises with the consequent policy implications going in the laissez-faire direction. The hypothesized unique and stable equilibrium in combination with rational expectations allow the conclusion that a built-in process of quick self-regulation operates in the economic system. The assumptions of a unique representative agent and of the efficiency of financial markets (when they are considered in the model) exclude any possibility of agents too much indebted, of bank failures, of liquidity and credit crunch crises. A single model cannot give an adequate explanation of the alternation of paths of substantial equilibrium and of strong disequilibrium. Hence the paper ends with the proposal to utilize a number of sub-models each one of them entering in function when some parameters come to assume certain values and being discarded, in favour of a different sub-model, when the parameters assume other values.

Suggested Citation

  • Terenzio Cozzi, 2011. "La crisi della macroeconomia," Moneta e Credito, Economia civile, vol. 64(253), pages 31-44.
  • Handle: RePEc:psl:moneta:2011:4
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    Citations

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    Cited by:

    1. Carlo D'Ippoliti, 2011. "Introduzione: la crisi economica e della scienza economica," Moneta e Credito, Economia civile, vol. 64(254), pages 95-104.
    2. Carlo D'Ippoliti, 2011. "Introduction: the crisis of economies and economics," PSL Quarterly Review, Economia civile, vol. 64(257), pages 95-103.
    3. Alessandro Roncaglia, 2011. "Macroeconomics in crisis and macroeconomics in recovery," PSL Quarterly Review, Economia civile, vol. 64(257), pages 167-185.
    4. Passarella, Marco, 2011. "From the village fair to Wall Street. The Italian reception of Minsky’s economic thought," MPRA Paper 49593, University Library of Munich, Germany.

    More about this item

    Keywords

    macroeconomic equilibrium; representative agent; financial markets;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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