: A Dynamic General Equilibrium Approach.
The third thing to note from Figure 2 is that the positive monetary policy shock to the monetary base also creates responses in the other variables that are consistent with standard macroeconomic theory
. First, the monetary policy shock leads to a hump-shaped increase in industrial production and a similar-shaped decrease in the default risk as seen in the corporate yield spreads.
," Princeton New Jersey: University Press.
These two articles provide us with a view of how the mathematical formalist of Foundations (Samuelson 1947) handled macroeconomic theory
when most people writing in macroeconomics did so with more words than mathematical symbols, more diagrams than theorems and proofs.
clearly suggests that at the zero lower bound, fiscal contraction will reduce output and slow any recovery.
Modern macroeconomic theory
, in particular, has been criticized for its representation of the economy through highly stylized environments that abstract from distributional issues, ignore or minimize linkages between the financial and nonfinancial sectors of the economy, and, in general, rely too much on highly aggregative frameworks.
Monetary economics, financial economics, macroeconomic theory
and mathematical economics are his research and teaching areas.
But Paul also plans to be an educator in his new role, holding committee hearings on monetary and macroeconomic theory
that will introduce more Americans to Austrian Business Cycle theory.
Regardless of the dominant macroeconomic theory
on which the economic policy relies, there are two different lines of research: neoclassical and Keynesian.
The Keynesian Revolution, and therefore the origins of virtually all macroeconomic theory
today, can only be understood in relation to Keynes' coming across Malthus' economic writings in 1932.
(ed.), Macroeconomic Theory
and its Failings Alternative Perspectives on the Global Financial Crisis.
The rogue exam in Macroeconomic Theory
was due to be sat by just one student re-sitting the module from the previous year.