Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?
Identifieur interne : 002656 ( Istex/Corpus ); précédent : 002655; suivant : 002657Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?
Auteurs : Manfred G Rtner ; Florian JungSource :
- Kyklos [ 0023-5962 ] ; 2011-02.
English descriptors
- KwdEn :
- Blackwell publishing, Capital costs, Capital market, Capital markets, Central bank, Crisis contagion, Current crisis, Curve moves, Domestic money market, Dormant liquidity trap, Downward shift, Economic education, Exchange rate, Exchange rate appreciation, Exchange rates, Exible, Exible exchange rate, Exible exchange rates, Financial crisis, Financial times prentice hall, Florian jung, Formal elegance, Gallen, Gallen bodanstr, Gallen phone, Gartner, General theory, Goods market, Government spending, Historical lessons, Horizontal segment, Individual country, Interest rate, Interest rates, Jung, Liquidity, Liquidity trap, Liquidity traps, Macroeconomics, Manfred, Manfred gartner, Manfred jung, Manfred jung figure, Monetary policy, Money market, Money market interest rates, Money market rates, Money market risk premiums, Money markets, Money supply, Nancial, Nancial crises, Nancial crisis, Nancial markets, Perfect trap, Potential income, Real world, Risk premium, Risk premiums, Same time, Scal, Scal policy, Scal policy works, Scal stimuli, Scenario, Small country, Small economy, Solid position, Subprime crisis, Subsequent work, Such crises, Such thing, Undergraduate macroeconomics, Workhorse models, World interest rate, Worth publishers.
- Teeft :
- Blackwell publishing, Capital costs, Capital market, Capital markets, Central bank, Crisis contagion, Current crisis, Curve moves, Domestic money market, Dormant liquidity trap, Downward shift, Economic education, Exchange rate, Exchange rate appreciation, Exchange rates, Exible, Exible exchange rate, Exible exchange rates, Financial crisis, Financial times prentice hall, Florian jung, Formal elegance, Gallen, Gallen bodanstr, Gallen phone, Gartner, General theory, Goods market, Government spending, Historical lessons, Horizontal segment, Individual country, Interest rate, Interest rates, Jung, Liquidity, Liquidity trap, Liquidity traps, Macroeconomics, Manfred, Manfred gartner, Manfred jung, Manfred jung figure, Monetary policy, Money market, Money market interest rates, Money market rates, Money market risk premiums, Money markets, Money supply, Nancial, Nancial crises, Nancial crisis, Nancial markets, Perfect trap, Potential income, Real world, Risk premium, Risk premiums, Same time, Scal, Scal policy, Scal policy works, Scal stimuli, Scenario, Small country, Small economy, Solid position, Subprime crisis, Subsequent work, Such crises, Such thing, Undergraduate macroeconomics, Workhorse models, World interest rate, Worth publishers.
Abstract
The current crisis is not only one of financial markets, but also of macroeconomics. Leading scholars call for a paradigm shift away from dynamic general equilibrium models, though some argue that the profession's arsenal already contains the tools and historical lessons needed to deal with such crises. Taking this view to the limit, we demonstrate that the workhorse models of undergraduate macroeconomics not only permit a refined view and classification of financial crises. These models also identify scenarios under which either policymakers would be ill advised to follow conventional prescriptions, or under which full‐scale depressions loom that call for a coordination of monetary and fiscal policy.
Url:
DOI: 10.1111/j.1467-6435.2010.00495.x
Links to Exploration step
ISTEX:4E317A028BB9D9EE3D2DD8F1D84978C768074A5ELe document en format XML
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* Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2307 Fax +41 71 224 2874 Email manfred.gartner@unisg.ch. Florian Jung, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2310 Fax +41 71 224 2874 Email florian.jung@unisg.ch.</note><email>manfred.gartner@unisg.ch florian.jung@unisg.ch</email></author><idno type="istex">4E317A028BB9D9EE3D2DD8F1D84978C768074A5E</idno><idno type="ark">ark:/67375/WNG-5P6349S0-C</idno><idno type="DOI">10.1111/j.1467-6435.2010.00495.x</idno><idno type="unit">KYKL495</idno><idno type="supplier">495</idno><idno type="toTypesetVersion">file:KYKL.KYKL495.pdf</idno></analytic><monogr><title level="j" type="main">Kyklos</title><title level="j" type="alt">KYKLOS</title><idno type="pISSN">0023-5962</idno><idno type="eISSN">1467-6435</idno><idno type="book-DOI">10.1111/(ISSN)1467-6435</idno><idno type="book-part-DOI">10.1111/kykl.2011.64.issue-1</idno><idno type="product">KYKL</idno><idno type="publisherDivision">ST</idno><imprint><biblScope unit="vol">64</biblScope><biblScope unit="issue">1</biblScope><biblScope unit="page" from="75">75</biblScope><biblScope unit="page" to="86">86</biblScope><biblScope unit="page-count">12</biblScope><publisher>Blackwell Publishing Ltd</publisher><pubPlace>Oxford, UK</pubPlace><date type="published" when="2011-02"></date></imprint></monogr></biblStruct></sourceDesc></fileDesc><profileDesc><abstract xml:lang="en" style="main"><head>SUMMARY</head><p>The current crisis is not only one of financial markets, but also of macroeconomics. Leading scholars call for a paradigm shift away from dynamic general equilibrium models, though some argue that the profession's arsenal already contains the tools and historical lessons needed to deal with such crises. Taking this view to the limit, we demonstrate that the workhorse models of undergraduate macroeconomics not only permit a refined view and classification of financial crises. These models also identify scenarios under which either policymakers would be ill advised to follow conventional prescriptions, or under which full‐scale depressions loom that call for a coordination of monetary and fiscal policy.</p></abstract><textClass><keywords rend="tocHeading1"><term>Articles</term></keywords></textClass><langUsage><language ident="en"></language></langUsage></profileDesc></teiHeader></istex:fulltextTEI><json:item><extension>txt</extension><original>false</original><mimetype>text/plain</mimetype><uri>https://api.istex.fr/document/4E317A028BB9D9EE3D2DD8F1D84978C768074A5E/fulltext/txt</uri></json:item></fulltext><metadata><istex:metadataXml wicri:clean="Wiley, elements deleted: body"><istex:xmlDeclaration>version="1.0" encoding="UTF-8" standalone="yes"</istex:xmlDeclaration><istex:document><component version="2.0" type="serialArticle" xml:lang="en"><header><publicationMeta level="product"><publisherInfo><publisherName>Blackwell Publishing Ltd</publisherName><publisherLoc>Oxford, UK</publisherLoc></publisherInfo><doi origin="wiley" registered="yes">10.1111/(ISSN)1467-6435</doi><issn type="print">0023-5962</issn><issn type="electronic">1467-6435</issn><idGroup><id type="product" value="KYKL"></id><id type="publisherDivision" value="ST"></id></idGroup><titleGroup><title type="main" sort="KYKLOS">Kyklos</title></titleGroup></publicationMeta><publicationMeta level="part" position="02101"><doi origin="wiley">10.1111/kykl.2011.64.issue-1</doi><numberingGroup><numbering type="journalVolume" number="64">64</numbering><numbering type="journalIssue" number="1">1</numbering></numberingGroup><coverDate startDate="2011-02">February 2011</coverDate></publicationMeta><publicationMeta level="unit" type="article" position="4" status="forIssue"><doi origin="wiley">10.1111/j.1467-6435.2010.00495.x</doi><idGroup><id type="unit" value="KYKL495"></id><id type="supplier" value="495"></id></idGroup><countGroup><count type="pageTotal" number="12"></count></countGroup><titleGroup><title type="tocHeading1">Articles</title></titleGroup><copyright>© 2011 Blackwell Publishing Ltd</copyright><eventGroup><event type="xmlConverted" agent="Converter:BPG_TO_WML3G version:2.4.2 mode:FullText" date="2011-01-11"></event><event type="firstOnline" date="2011-01-11"></event><event type="publishedOnlineFinalForm" date="2011-01-11"></event><event type="xmlConverted" agent="Converter:WILEY_ML3G_TO_WILEY_ML3GV2 version:3.8.8" date="2014-02-01"></event><event type="xmlConverted" agent="Converter:WML3G_To_WML3G version:4.1.7 mode:FullText,remove_FC" date="2014-10-31"></event></eventGroup><numberingGroup><numbering type="pageFirst" number="75">75</numbering><numbering type="pageLast" number="86">86</numbering></numberingGroup><linkGroup><link type="toTypesetVersion" href="file:KYKL.KYKL495.pdf"></link></linkGroup></publicationMeta><contentMeta><countGroup><count type="figureTotal" number="5"></count><count type="tableTotal" number="1"></count><count type="formulaTotal" number="2"></count><count type="referenceTotal" number="27"></count><count type="wordTotal" number="5559"></count><count type="linksCrossRef" number="47"></count></countGroup><titleGroup><title type="main">Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?</title><title type="shortAuthors">MANFRED GÄRTNER/FLORIAN JUNG</title><title type="short">CAN RESEARCH LEARN FROM UNDERGRADUATE MACROECONOMICS?</title></titleGroup><creators><creator creatorRole="author" xml:id="cr1" affiliationRef="#a1"><personName><givenNames>Manfred</givenNames><familyName>Gärtner</familyName></personName></creator><creator creatorRole="author" xml:id="cr2" affiliationRef="#a1" noteRef="#fn13"><personName><givenNames>Florian</givenNames><familyName>Jung</familyName></personName></creator></creators><affiliationGroup><affiliation xml:id="a1"><unparsedAffiliation>Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen</unparsedAffiliation></affiliation></affiliationGroup><abstractGroup><abstract type="main" xml:lang="en"><title type="main">SUMMARY</title><p>The current crisis is not only one of financial markets, but also of macroeconomics. Leading scholars call for a paradigm shift away from dynamic general equilibrium models, though some argue that the profession's arsenal already contains the tools and historical lessons needed to deal with such crises. Taking this view to the limit, we demonstrate that the workhorse models of undergraduate macroeconomics not only permit a refined view and classification of financial crises. These models also identify scenarios under which either policymakers would be ill advised to follow conventional prescriptions, or under which full‐scale depressions loom that call for a coordination of monetary and fiscal policy.</p></abstract></abstractGroup></contentMeta><noteGroup><note xml:id="fn13"><p><sup>*</sup> Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2307 Fax +41 71 224 2874 Email <email normalForm="manfred.gartner@unisg.ch">manfred.gartner@unisg.ch</email>. Florian Jung, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2310 Fax +41 71 224 2874 Email <email normalForm="florian.jung@unisg.ch">florian.jung@unisg.ch</email>.</p></note></noteGroup></header></component></istex:document></istex:metadataXml><mods version="3.6"><titleInfo lang="en"><title>Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?</title></titleInfo><titleInfo type="abbreviated" lang="en"><title>CAN RESEARCH LEARN FROM UNDERGRADUATE MACROECONOMICS?</title></titleInfo><titleInfo type="alternative" contentType="CDATA" lang="en"><title>Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?</title></titleInfo><name type="personal"><namePart type="given">Manfred</namePart><namePart type="family">Gärtner</namePart><affiliation>Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen</affiliation><role><roleTerm type="text">author</roleTerm></role></name><name type="personal"><namePart type="given">Florian</namePart><namePart type="family">Jung</namePart><affiliation>Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen</affiliation><description>* Manfred Gärtner, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2307 Fax +41 71 224 2874 Email manfred.gartner@unisg.ch. Florian Jung, Institute of Economics, University of St. Gallen Bodanstr. 1 CH‐9000 St. Gallen Phone +41 71 224 2310 Fax +41 71 224 2874 Email florian.jung@unisg.ch.</description><role><roleTerm type="text">author</roleTerm></role></name><typeOfResource>text</typeOfResource><genre type="article" displayLabel="article" authority="ISTEX" authorityURI="https://content-type.data.istex.fr" valueURI="https://content-type.data.istex.fr/ark:/67375/XTP-6N5SZHKN-D">article</genre><originInfo><publisher>Blackwell Publishing Ltd</publisher><place><placeTerm type="text">Oxford, UK</placeTerm></place><dateIssued encoding="w3cdtf">2011-02</dateIssued><copyrightDate encoding="w3cdtf">2011</copyrightDate></originInfo><language><languageTerm type="code" authority="rfc3066">en</languageTerm><languageTerm type="code" authority="iso639-2b">eng</languageTerm></language><physicalDescription><extent unit="figures">5</extent><extent unit="tables">1</extent><extent unit="formulas">2</extent><extent unit="references">27</extent><extent unit="linksCrossRef">47</extent><extent unit="words">5559</extent></physicalDescription><abstract lang="en">The current crisis is not only one of financial markets, but also of macroeconomics. 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