Blog Topics...

3D plotting (1) Academic Life (2) ACE (18) Adaptive Behavior (2) Agglomeration (1) Aggregation Problems (1) Asset Pricing (1) Asymmetric Information (2) Behavioral Economics (1) Breakfast (4) Business Cycles (8) Business Theory (4) China (1) Cities (2) Clustering (1) Collective Intelligence (1) Community Structure (1) Complex Systems (42) Computational Complexity (1) Consumption (1) Contracting (1) Credit constraints (1) Credit Cycles (6) Daydreaming (2) Decision Making (1) Deflation (1) Diffusion (2) Disequilibrium Dynamics (6) DSGE (3) Dynamic Programming (6) Dynamical Systems (9) Econometrics (2) Economic Growth (5) Economic Policy (5) Economic Theory (1) Education (4) Emacs (1) Ergodic Theory (6) Euro Zone (1) Evolutionary Biology (1) EVT (1) Externalities (1) Finance (29) Fitness (6) Game Theory (3) General Equilibrium (8) Geopolitics (1) GitHub (1) Graph of the Day (11) Greatest Hits (1) Healthcare Economics (1) Heterogenous Agent Models (2) Heteroskedasticity (1) HFT (1) Housing Market (2) Income Inequality (2) Inflation (2) Institutions (2) Interesting reading material (2) IPython (1) IS-LM (1) Jerusalem (7) Keynes (1) Kronecker Graphs (3) Krussel-Smith (1) Labor Economics (1) Leverage (2) Liquidity (11) Logistics (6) Lucas Critique (2) Machine Learning (2) Macroeconomics (45) Macroprudential Regulation (1) Mathematics (23) matplotlib (10) Mayavi (1) Micro-foundations (10) Microeconomic of Banking (1) Modeling (8) Monetary Policy (4) Mountaineering (9) MSD (1) My Daily Show (3) NASA (1) Networks (46) Non-parametric Estimation (5) NumPy (2) Old Jaffa (9) Online Gaming (1) Optimal Growth (1) Oxford (4) Pakistan (1) Pandas (8) Penn World Tables (1) Physics (2) Pigouvian taxes (1) Politics (6) Power Laws (10) Prediction Markets (1) Prices (3) Prisoner's Dilemma (2) Producer Theory (2) Python (29) Quant (4) Quote of the Day (21) Ramsey model (1) Rational Expectations (1) RBC Models (2) Research Agenda (36) Santa Fe (6) SciPy (1) Shakshuka (1) Shiller (1) Social Dynamics (1) St. Andrews (1) Statistics (1) Stocks (2) Sugarscape (2) Summer Plans (2) Systemic Risk (13) Teaching (16) Theory of the Firm (4) Trade (4) Travel (3) Unemployment (9) Value iteration (2) Visualizations (1) wbdata (2) Web 2.0 (1) Yale (1)

Wednesday, July 7, 2010

Issues with Modern Macro, Part I...

A very readable paper by Alan Kirman on his issues with certain strains of modern macroeconomics...nothing new if you are already familiar with his work, but will provide an excellent summary of his major issues with the current state of macroeconomics that is tied to the recent/ongoing economic crisis.

Although I agree wholeheartedly with the criticisms outlined in this paper, I should mention that Kirman does not directly address some of the more recent advances in macroeconomics (such as the use of DSGE-style models with heterogeneous agents).  Many of Kirman's critiques will translate to these newer classes of models, but some may not (I am still trying to work out for myself which of his criticisms will carry over...).

No comments:

Post a Comment