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Dynamic macroeconomic theory by Thomas J. Sargent

Dynamic macroeconomic theory Thomas J. Sargent ebook
Format: djvu
Page: 372
Publisher: Harvard University Press
ISBN: 0674218779, 9780674218772

Jul 30, 2012 - This post relates to the ongoing blog debate on "the state of macroeconomics", which I contributed to here, and which has drawn in a whole host of economics bloggers who know far more about modern macroeconomic theory than I do. Looking up DSGE (Dynamic Stochastic General Equilibrium), that seems to hinge on an idealist Humean interpretation of Bayesian statistics in which likely effects on real context are reduced to updating imperfect knowledge. Jan 2, 2010 - "Despite the neoclassicals admitting that the Post-Keynesians were right, why has the impact of heterogeneous capital on an economy left out of the macro models?" It will not surprise me if he or she receives no coherent answer. An anonymous commentator writes, "Please show me a dynamic macro theory that consistently handles capital goods and investment. Thus, the macroeconomic theory pinning down long-run relationships and some of the adjustment dynamics provides a guide to explaining the data, but theory is not taken quite so literally as it is in estimated DSGE models.[17]. Feb 5, 2014 - trace the implications of rational expectations, with Neil Wallace, for alternative monetary-policy instruments and rules on output stability and price determinacy. More precisely, the implicit .. Which alternative to neoclassical theory can you offer me? 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. Oct 27, 2009 - The dominant paradigm in macroeconomic theory over the past 30 years has been that of rational agents making optimal decisions under the assumption that they form their expectations about the future rationally - the rational agent using . Provide some early examples of rational expectations models of Sargent has also been a pioneer in introducing recursive economics to academic study, especially for macroeconomic issues such as unemployment, fiscal and monetary policy, and growth. Jun 28, 2010 - Now it is “dynamic stochastic general equilibrium” (DSGE) models inspired by the Lucas critique that have failed to predict or even explain the Great Recession of 2007–2009. This text shows how such She is the coauthor of Dynamic Economic Models in Discrete Time: Theory and Empirical Applications and An Introduction to Dynamic Economic Models (both with Brian Ferguson). The predictions typically describe a dynamic that is not precise chronologically, but which goes through a series of recognisable stages. Help make the theory of rational expectations statistically operational. Mar 17, 2008 - Because of advances in computational methods, quantitative estimates are now derived from coherent nonlinear dynamic macroeconomic models embodying measures of risk and calibrated to capture specific characteristics of real-world situations. These can be checked against how events actually unfolded.