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Dynamic macroeconomic theory Thomas J. Sargent
Publisher: Harvard University Press

Rigor competes with relevance in macroeconomic and monetary theory, and in some lines of development macro and monetary theorists, like many of their colleagues in micro theory, seem to consider relevance to be more or less irrelevant. Analyzing people's decisions about how much to work is not a First, as explained earlier, there is little consensus among economists on the size of macroeconomic feedbacks, and they are likely to be small. Oct 14, 2013 - As for Wren-Lewis, I think his main message is for young economists: do not to be led into thinking that every macroeconomic theory needs to be "microfounded." That's fair enough advice. These models This critique of DSGE-style macro is part of the core of Austrian theory. Aug 17, 2005 - We find generally similar results to BBE, which in many cases accord with standard macroeconomic theory; but we also find many rejections of the overidentifying restrictions. Aug 24, 2011 - The starting point for modern macroeconomics is what is known as dynamic stochastic general equilibrium (DSGE) models. Dec 18, 2008 - Dynamic Macroeconomic Theory. References Michael Wickens, Macroeconomic Theory, Princeton University Press, 2008 (chapters 2, 4, 10 and 14). Dec 17, 2013 - I conclude that dynamic stochastic general equilibrium theory has shown itself an intellectually bankrupt enterprise. But this does not mean that we should revert to the old models only confirms Robert Gordon's dictum that today. Mar 4, 2014 - Pasinetti formulated his theorem -- which is dealt with in detail in a fantastically thorough Wikipedia article -- in 1962 in response to Nicholas Kaldor's seminal paper Alternative Theories of Distribution.… Philip, you might remember that in the classical economists the surplus came from profits and rents…and sraffian and related traditions that delineate a social surplus and circular production (not Pasinetti) have the theoretical tools to model such a dynamic. Short-run effects of shocks: Impulse response analysis. Jan 21, 2013 - Paul Samuelson was the man who set the agenda for the coming decades by taking some of the ideas from Keynes's General Theory of Employment, Interest, and Money and articulating them in mathematical models. Jun 21, 2012 - Economists call these two effects the "substitution effect" and the "income effect," respectively, but economic theory alone cannot say which one is larger, and analysis of actual data is required.