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This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...
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paradigm crisis, highlighting the strong links between the exploitation of knowledge and the accumulation of surplus. Therefore …
Persistent link: https://www.econbiz.de/10010326098
The current economic crisis offers an historic opportunity for change. The depth of the crisis means there will likely … intellectual change is attitudes toward financial regulation. These obstacles will mute the policy response to the crisis, and if a … deep crisis is averted will tend to encourage a return of the existing policies that have failed so disastrously. …
Persistent link: https://www.econbiz.de/10010460471
From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered … interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis … Taylor rules for our economy that are consistent with a strong pro-inflationary reaction during financial crisis while …
Persistent link: https://www.econbiz.de/10011605268
This chapter takes as its starting point the idea that any model of the economy must have heterogeneous agents. Such agents together form a complex adaptive system where the aggregate behavior emerges from the interaction between the individuals. Such systems do not lend themselves to being...
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