scholarly journals Engendering Macroeconomic Theory and Policy

10.1596/28951 ◽  
2017 ◽  
Author(s):  
Stephanie Seguino
Keyword(s):  
Macroeconomic Theory

Great Recession and Macroeconomic Theory: A Useless Crisis?

2019 ◽  
Vol 31 (3) ◽  
pp. 382-406 ◽  
Author(s):  
Giancarlo Bertocco ◽  
Andrea Kalajzić
Keyword(s):  
Great Recession ◽  
Macroeconomic Theory

A Macroeconomic Theory of Workable Competition.

Economica ◽  
1965 ◽  
Vol 32 (126) ◽  
pp. 233 ◽  
Author(s):  
John Williamson ◽  
C. E. Ferguson
Keyword(s):  
Macroeconomic Theory ◽  
Workable Competition

scholarly journals A macroeconomic theory of banking oligopoly

2021 ◽  
pp. 103864
Author(s):  
Mei Dong ◽  
Stella Huangfu ◽  
Hongfei Sun ◽  
Chenggang Zhou
Keyword(s):  
Macroeconomic Theory

Implications for Regional Science of the “Rebuilding Macroeconomic Theory Project”

2021 ◽  
pp. 016001762098659
Author(s):  
Kieran P. Donaghy
Keyword(s):  
Monetary Policy ◽  
Graduate Students ◽  
Global Financial Crisis ◽  
Financial Frictions ◽  
Regional Science ◽  
Macroeconomic Theory ◽  
Income Groups ◽  
Big Picture ◽  
Theory Project ◽  
The Global Financial Crisis

The inability of macroeconomists to anticipate the Global Financial Crisis or reproduce it in their models has led to an important stock-taking of deficiencies in, and necessary modifications to, theories and models used pervasively by researchers and taught to graduate students. This stock-taking—the so-called “Rebuilding Macroeconomic Theory Project,” organized by David Vines and Samuel Wills—has provided an opportunity for economy-wide modelers (who include regional scientists) to consider whether the theories and models they employ are adequate and appropriate to the tasks to which they put them. In this paper I provide a brief report on the project, retrace the development of macroeconomics, and summarize responses by prominent macroeconomists to a set of questions posed by organizers of the project, while drawing implications of these questions and responses for regional science. I then offer original suggestions from a regional scientist’s perspective on what is missing from the “benchmark” macro-model, how financial frictions can be introduced, how behavioral foundations might be modified, how heterogeneity of agents might be captured, and what new stylized facts need to be explained. I proceed to illustrate how several of the suggested changes can be integrated in economy-wide models by drawing on a study of the impacts of monetary policy on consumption by different income groups in Indonesia. I close the paper by posing a number of “big-picture questions” on the implications of the RMTP for economy-wide modelers and regional scientists to ponder and by offering a brief reflection and aspiration.

Macroeconomic Theory (Paul Burrows and Theodore Hitiris)

SIAM Review ◽  
1977 ◽  
Vol 19 (3) ◽  
pp. 571-572
Author(s):  
Ruth R. Shen
Keyword(s):  
Macroeconomic Theory

Macroeconomic Theory and Stabilisation Policy.

1988 ◽  
Vol 98 (393) ◽  
pp. 1209
Author(s):  
Brian Silverstone ◽  
Andrew Stevenson ◽  
Vitantonio Muscatelli ◽  
Mary Gregory
Keyword(s):  
Macroeconomic Theory ◽  
Stabilisation Policy

Seeing Like the Fed: Culture, Cognition, and Framing in the Failure to Anticipate the Financial Crisis of 2008

2017 ◽  
Vol 82 (5) ◽  
pp. 879-909 ◽  
Author(s):  
Neil Fligstein ◽  
Jonah Stuart Brundage ◽  
Michael Schultz
Keyword(s):  
Decision Making ◽  
Financial Crisis ◽  
Recent Work ◽  
Open Market ◽  
Financial Instruments ◽  
Federal Open Market Committee ◽  
Macroeconomic Theory ◽  
Making Sense ◽  
Financial Crisis Of 2008 ◽  
Positive Light

One of the puzzles about the financial crisis of 2008 is why regulators, particularly the Federal Open Market Committee (FOMC), were so slow to recognize the impending collapse of the financial system and its broader consequences for the economy. We use theory from the literature on culture, cognition, and framing to explain this puzzle. Consistent with recent work on “positive asymmetry,” we show how the FOMC generally interpreted discomforting facts in a positive light, marginalizing and normalizing anomalous information. We argue that all frames limit what can be understood, but the content of frames matters for how facts are identified and explained. We provide evidence that the Federal Reserve’s primary frame for making sense of the economy was macroeconomic theory. The content of macroeconomics made it difficult for the FOMC to connect events into a narrative reflecting the links between foreclosures in the housing market, the financial instruments used to package the mortgages into securities, and the threats to the larger economy. We conclude with implications for the sociological literatures on framing and cognition and for decision-making in future crises.

scholarly journals Central banking, protectionism and globalization

2019 ◽  
Vol 69 (s1) ◽  
pp. 121-140
Author(s):  
Jacob A. Frenkel
Keyword(s):  
Global Financial Crisis ◽  
The United States ◽  
Central Banking ◽  
Policy Response ◽  
Implicit Assumption ◽  
Economic Policies ◽  
New Paradigm ◽  
Macroeconomic Policies ◽  
Policy Makers ◽  
Macroeconomic Theory

The recent global financial crisis has resulted in a new creative set of economic policies. The justifi- cation for the unconventional policy response was based on the implicit assumption that the departure from the norms of macroeconomic policies would be temporary. This detour has lasted longer than expected. Now that the process of normalization has started in the United States and is likely to be followed (albeit in some delay) in Europe, it would be important for policy makers to emphasize that the unconventional set of economic policies were just a detour from the longstanding convention rather than representing a new paradigm. The experience of the crisis and the post-crises years should be recorded in history as refl ecting a period during which new and important policy chapters were drafted. These chapters should be added to the corpus of knowledge of macroeconomic theory and policy. The new chapters contain important lessons that should definitely not be forgotten once the crisis is over. They should be added to, but not replace, the old textbooks.

scholarly journals Monetary Transmission through Interest Rate Channel in Vietnam Before and After the Crisis

2014 ◽  
Vol 222 ◽  
pp. 51-75
Author(s):  
Hương Trầm Thị Xuân ◽  
Vinh Võ Xuân ◽  
CẢNH NGUYỄN PHÚC
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Monetary Transmission ◽  
Var Model ◽  
Macroeconomic Theory ◽  
Cost Channel ◽  
Before And After ◽  
The Cost ◽  
The Impact ◽  
Interest Rate Channel

The paper employs the VAR model to examine the impact of monetary policy on the economy through interest rate channel (IRC) and levels of transmission before and after the 2008 crisis. The results indicate that in the period before the financial crisis, IRC exists in accordance with macroeconomic theory; however, the crisis period, in which increases in SBV monetary policy rates lead to increased inflation, has proved the existence of the cost channel of monetary transmission in Vietnam.

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