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Did Mainstream Econometric Models Fail to Anticipate the Inflationary Surge?

In: Issues in Contemporary Macroeconomics and Distribution

Author

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  • Lawrence R. Klein

Abstract

The critics of the neoclassical-Keynesian synthesis of macroeconomics usually cite a failure of such models to anticipate the great surge of inflation during the 1970s.1

Suggested Citation

  • Lawrence R. Klein, 1985. "Did Mainstream Econometric Models Fail to Anticipate the Inflationary Surge?," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Macroeconomics and Distribution, chapter 12, pages 289-296, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06879-1_12
    DOI: 10.1007/978-1-349-06879-1_12
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    Cited by:

    1. Aurélien Goutsmedt & Erich Pinzon-Fuchs & Matthieu Renault & Francesco Sergi, 2015. "Criticizing the Lucas Critique: Macroeconometricians' Response to Robert Lucas," Post-Print halshs-01179114, HAL.
    2. Christian Müller-Kademann, 2018. "The Lucas Critique: A Lucas Critique," Economic Thought, World Economics Association, vol. 7(2), pages 54-62, November.
    3. Pulido San Román, Antonio & Pérez García, Julián, 2006. "Lawrence R. Klein and Applied Economics/Lawrence R. Klein y la economía aplicada," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 24, pages 43-94, Abril.
    4. Servaas Storm, 2021. "Labour's loss: Why macroeconomics matters," PSL Quarterly Review, Economia civile, vol. 74(299), pages 249-285.

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