Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?
Identifieur interne : 004920 ( Main/Exploration ); précédent : 004919; suivant : 004921Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?
Auteurs : Manfred G Rtner ; Florian JungSource :
- Kyklos [ 0023-5962 ] ; 2011-02.
Descripteurs français
- Wicri :
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
Affiliations:
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