The Great Detour
This note comments on the state of macroeconomics, arguing that the ‘micro founded’ macro that developed after 1970s has been a wasteful detour. The paper will appear in a symposium in Homo Oeconomicus, vol. 27 (2), 2010, on the crisis and the response from the British Academy to the questions from the British Queen. JEL Categories: E1, B41
|Date of creation:||Sep 2010|
|Date of revision:|
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- Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2011.
"Foundations for a Disequilibrium Theory of the Business Cycle,"
Cambridge University Press, number 9780521369923.
- Chiarella,Carl & Flaschel,Peter & Franke,Reiner, 2005. "Foundations for a Disequilibrium Theory of the Business Cycle," Cambridge Books, Cambridge University Press, number 9780521850254.
- Patrick Kehoe & Varadarajan V. Chari, 2006.
"Modern Macroeconomics in Practice: How Theory is Shaping Policy,"
NBER Working Papers
12476, National Bureau of Economic Research, Inc.
- V. V. Chari & Patrick J. Kehoe, 2006. "Modern Macroeconomics in Practice: How Theory Is Shaping Policy," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 3-28, Fall.
- V. V. Chari & Patrick J. Kehoe, 2006. "Modern macroeconomics in practice: how theory is shaping policy," Staff Report 376, Federal Reserve Bank of Minneapolis.
- Skott,Peter, 1989.
"Conflict and Effective Demand in Economic Growth,"
Cambridge University Press, number 9780521365963.
- Thomas I. Palley, 2007.
"Financialization: What It Is and Why It Matters,"
wp153, Political Economy Research Institute, University of Massachusetts at Amherst.
- Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Economics Working Paper Archive wp_525, Levy Economics Institute.
- Thomas I. Palley, 2008. "Financialization: What it is and Why it Matters," IMK Working Paper 04-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Olivier Blanchard, 2000.
"What do we know about Macroeconomics that Fisher and Wicksell did not?,"
NBER Working Papers
7550, National Bureau of Economic Research, Inc.
- Olivier Blanchard, 2000. "What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?," The Quarterly Journal of Economics, Oxford University Press, vol. 115(4), pages 1375-1409.
- Ryoo, Soon, 2010.
"Long waves and short cycles in a model of endogenous financial fragility,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 74(3), pages 163-186, June.
- Soon Ryoo, 2009. "Long waves and short cycles in a model of endogenous financial fragility," UMASS Amherst Economics Working Papers 2009-03, University of Massachusetts Amherst, Department of Economics.
- Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," UMASS Amherst Economics Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics.
- Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
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