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Is There Empirical Support for the 'Modern' View of Macroeconomics?

Author

Listed:
  • Ray C. Fair

    (Cowles Foundation)

Abstract

This paper argues that the basic model of the 'modern' view of macroeconomics appears to be a poor approximation of the actual economy.

Suggested Citation

  • Ray C. Fair, 2001. "Is There Empirical Support for the 'Modern' View of Macroeconomics?," Yale School of Management Working Papers ysm201, Yale School of Management.
    • Handle: RePEc:ysm:somwrk:ysm201
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    File URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=273249
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    Cited by:

    1. Leith, Campbell & Malley, Jim, 2005. "Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe," European Economic Review, Elsevier, vol. 49(8), pages 2137-2159, November.
    2. W A Razzak, 2002. "Monetary policy and forecasting inflation with and without the output gap," Reserve Bank of New Zealand Discussion Paper Series DP2002/03, Reserve Bank of New Zealand.
    3. Andrea Colciago & Tiziano Ropele & V. Anton Muscatelli & Patrizio Tirelli, 2008. "The Role of Fiscal Policy in a Monetary Union: are National Automatic Stabilizers Effective?," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 591-610, August.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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