University of St.Gallen
research platform alexandria
search publications
browse publications
by person
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
 
by year

Clothes For the Emperor or Can Graduate Schools Learn From Undergraduate Macroeconomics

fulltext etc. no fulltext attached
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, this note demonstrates 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 full-scale depressions loom that cannot be fought by means of fiscal or monetary policy alone.

Volltext herunterladen
   
type discussion paper (English)
   
keywords Teaching macroeconomics, lessons, graduate, undergraduate, financial crisis, liquidity trap, risk premium
   
date of appearance 29-6-2010
series of paper Discussion paper (2010-18)
publisher Department of Economics, University of St. Gallen (St. Gallen)
page(s) 17
review not reviewed
   
citation Gärtner, M., & Jung, F. (2010). Clothes For the Emperor or Can Graduate Schools Learn From Undergraduate Macroeconomics. Discussion paper (2010-18): Department of Economics, University of St. Gallen (St. Gallen).