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Macro-Economic Failures

In: The Economic Crisis and the State of Economics

Author

Listed:
  • Charles Goodhart

Abstract

This chapter will focus on the implications of the current financial crisis for macroeconomic theory. With this aim, I shall concentrate on two main failures. First: the neo-Keynesian consensus three-equation Dynamic Stochastic General Equilibrium model (DSGE)—that we all love and I hate—that has been set out by macro-economists such as Gali and Gertler; and second: the Efficient-Markets Hypothesis (EMH).

Suggested Citation

  • Charles Goodhart, 2010. "Macro-Economic Failures," Palgrave Macmillan Books, in: Robert Skidelsky & Christian Westerlind Wigström (ed.), The Economic Crisis and the State of Economics, chapter 0, pages 53-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10569-0_5
    DOI: 10.1057/9780230105690_5
    as

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