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Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?

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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.
   
type journal paper
   
keywords
   
project Understanding and teaching macroeconomic crises
language English
kind of paper journal article
date of appearance 2-2011
journal Kyklos
publisher Wiley-Blackwell (Oxford UK)
ISSN 0023-5962
ISSN (online) 1467-6435
DOI 10.1111/j.1467-6435.2010.00495.x
volume of journal 64
number of issue 1
page(s) 75-86
review double-blind review
   
citation Gärtner, M., & Jung, F. (2011). Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics?. Kyklos, 64(1), 75-86, DOI:10.1111/j.1467-6435.2010.00495.x.