Search Results - subject:"‘classical’ macroeconomics"

Criticizing the Lucas Critique : Macroeconometricians' Response to Robert Lucas

Goutsmedt, Aurélien - 2018

Persistent link: https://www.econbiz.de/10012935558

Edmond Malinvaud’s Criticisms of the New Classical Economics : Restoring the Nature and the Rationale of the Old Keynesians’ Opposition

Renault, Matthieu - 2021

Unlike standard accounts, recent research in the history of macroeconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the latter from the early 1980s and did so...

Persistent link: https://www.econbiz.de/10013249869

Long-run evidence on the quantity theory of money

Benati, Luca - 2021

Evidence from low-frequency regressions for 27 countries since the XVIII century suggests that the relationship between broad money growth and inflation has been mostly one-for-one, and largely invariant to changes in the monetary regime. There is little evidence that the relationship had been...

Persistent link: https://www.econbiz.de/10012597092

The joint dynamics of money and credit multipliers since the gold standard era

Benati, Luca - 2021

Since the XIX century, technological progress has allowed commercial banks to create ever greater amounts of broad money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts of the two aggregates created out of a unit of base...

Persistent link: https://www.econbiz.de/10012610410

What did it take for Lucas to set up ‘useful’ analogue systems in monetary business cycle theory?

Galbács, Peter - In: Economics and business review 7/21 (2021) 3, pp. 61-82

Persistent link: https://www.econbiz.de/10012796954

Life among the Econ : 50 years on

Palley, Thomas - In: Review of Keynesian economics 9 (2021) 3, pp. 425-428

Persistent link: https://www.econbiz.de/10012802978

Understanding Robert Lucas (1967-1981): his influence and influences

Andrada, Alexandre F.S. - In: EconomiA 18 (2017) 2, pp. 212-228

This paper analyzes Robert Lucas's contribution to economic theory between 1967 (year of his first solo publication) and 1981 (the year before the emergence of Real Business Cycle approach), and it has two parts. The first one, using citation data from three different sources, we try to answer...

Persistent link: https://www.econbiz.de/10011858487

The Macroeconomic Impact of Microeconomic Shocks : Beyond Hulten's Theorem

Baqaee, David - 2017

We provide a nonlinear characterization of the macroeconomic impact of microeconomic productivity shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also show how microeconomic parameters are mapped to these reduced-form general equilibrium elasticities. In...

Persistent link: https://www.econbiz.de/10012963182

Macroprudential Policies and the Lucas Critique

Horváth, Bálint L. - 2017

The Lucas Critique provides a cautionary background for the implementation of new policies. Rational agents tend to anticipate the consequences of new policies and may adopt their behavior in ways that affect the effectiveness of policies. New financial regulation, which is moving from a...

Persistent link: https://www.econbiz.de/10012968041

Preface : The Theory of New Classical Macroeconomics: A Positive Critique

Galbács, Peter - 2017

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the … Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought … real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used …

Persistent link: https://www.econbiz.de/10012969733