1064:, published an influential paper arguing that the failure of the Phillips curve in the 1970s was just one example of a general problem with empirical forecasting models. He pointed out that such models are derived from observed relationships between various macroeconomic quantities over time, and that these relations differ depending on what macroeconomic policy regime is in place. In the context of the Phillips curve, this means that the relation between inflation and unemployment observed in an economy where inflation has usually been low in the past would differ from the relation observed in an economy where inflation has been high. Furthermore, this means one cannot predict the effects of a new policy regime using an empirical forecasting model based on data from previous periods when that policy regime was not in place. Lucas argued that economists would remain unable to predict the effects of new policies unless they built models
40:
954:) rather than individual choice variables, and while the equations relating these variables are intended to describe economic decisions, they are not usually derived directly by aggregating models of individual choices. They are simple enough to be used as illustrations of theoretical points in introductory explanations of macroeconomic ideas; but therefore quantitative application to forecasting, testing, or policy evaluation is usually impossible without substantially augmenting the structure of the model.
2958:
977:. Like the simpler theoretical models, these empirical models described relations between aggregate quantities, but many addressed a much finer level of detail (for example, studying the relations between output, employment, investment, and other variables in many different industries). Thus, these models grew to include hundreds or thousands of equations describing the evolution of hundreds or thousands of prices and quantities over time, making
799:
811:
1230:. Or sometimes, preferences are specified, together with an initial strategy and a learning rule whereby the strategy is adjusted according to its past success. Given these strategies, the interaction of large numbers of individual agents (who may be very heterogeneous) can be simulated on a computer, and then the aggregate, macroeconomic relationships that arise from those individual actions can be studied.
1052:
argued that this apparent tradeoff was illusory. They claimed that the historical relation between inflation and unemployment was due to the fact that past inflationary episodes had been largely unexpected. They argued that if monetary authorities permanently raised the inflation rate, workers and
881:
Macroeconomic models may be logical, mathematical, and/or computational; the different types of macroeconomic models serve different purposes and have different advantages and disadvantages. Macroeconomic models may be used to clarify and illustrate basic theoretical principles; they may be used to
1251:
between individual agents in DSGE models, which instead focus mostly on the way agents interact through aggregate prices. On the other hand, ACE models may exaggerate errors in individual decision-making, since the strategies assumed in ACE models may be very far from optimal choices unless the
1195:
on assumptions about preferences, technology, and budget constraints. However, CGE models focus mostly on long-run relationships, making them most suited to studying the long-run impact of permanent policies like the tax system or the openness of the economy to international trade. DSGE models
1126:, taking into account prices and the strategies of other agents, both in the current period and in the future. Summing up the decisions of the different types of agents, it is possible to find the prices that equate supply with demand in every market. Thus these models embody a type of
1238:
DSGE and ACE models have different advantages and disadvantages due to their different underlying structures. DSGE models may exaggerate individual rationality and foresight, and understate the importance of heterogeneity, since the
981:
essential for their solution. While the choice of which variables to include in each equation was partly guided by economic theory (for example, including past income as a determinant of consumption, as suggested by the theory of
1044:. Empirical macroeconomic forecasting models, being based on roughly the same data, had similar implications: they suggested that unemployment could be permanently lowered by permanently increasing inflation. However, in 1968,
1222:. ACE models also begin by defining the set of agents that make up the economy, and specify the types of interactions individual agents can have with each other or with the market as a whole. Instead of defining the
972:
data, economists set out to construct quantitative models to describe the dynamics observed in the data. These models estimated the relations between different macroeconomic variables using (mostly linear)
1145:). However, these are only simplifying assumptions, and are not essential for the DSGE methodology; many DSGE studies aim for greater realism by considering heterogeneous agents or various types of
1196:
instead emphasize the dynamics of the economy over time (often at a quarterly frequency), making them suited for studying business cycles and the cyclical effects of monetary and fiscal policy.
1173:
is still largely based on more traditional empirical models, which are still widely believed to achieve greater accuracy in predicting the impact of economic disturbances over time.
938:. These models share several features. They are based on a few equations involving a few variables, which can often be explained with simple diagrams. Many of these models are
1149:. Compared with empirical forecasting models, DSGE models typically have fewer variables and equations, mainly because DSGE models are harder to solve, even with the help of
1053:
firms would eventually come to understand this, at which point the economy would return to its previous, higher level of unemployment, but now with higher inflation too. The
898:
in teaching and research, and are also widely used by international organizations, national governments and larger corporations, as well as by economic consultants and
1752:
858:
is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the
882:
test, compare, and quantify different macroeconomic theories; they may be used to produce "what if" scenarios (usually to predict the effects of changes in
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756:
915:
Simple textbook descriptions of the macroeconomy involving a small number of equations or diagrams are often called âmodelsâ. Examples include the
841:
1989:
1218:
modeling. Like the DSGE methodology, ACE seeks to break down aggregate macroeconomic relationships into microeconomic decisions of individual
946:, describing the economy over many time periods. The variables that appear in these models often represent macroeconomic aggregates (such as
1653:
4065:
4021:
1351:
1543:
Phillips, A. W. (1958), "The relationship between unemployment and the rate of change of money wages in the United
Kingdom 1861-1957",
1026:. Large-scale empirical models of this type, including the Wharton model, are still in use today, especially for forecasting purposes.
1011:
1247:
case remains the simplest and thus the most common type of DSGE model to solve. Also, unlike ACE models, it may be difficult to study
1040:
Econometric studies in the first part of the 20th century showed a negative correlation between inflation and unemployment called the
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self-consistency: agents choose optimally given the prices, while prices must be consistent with agentsâ supplies and demands.
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375:
151:
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1165:. More elaborate DSGE models are used to predict the effects of changes in economic policy and evaluate their impact on
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1972:
1900:
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1153:. Simple theoretical DSGE models, involving only a few variables, have been used to analyze the forces that drive
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1990:"A general equilibrium calculation of the effects of differential taxation of income from capital in the US"
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firmâ) and can perform perfect calculations that forecast the future correctly on average (which is called
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active in the economy, such as households, firms, and governments in one or more countries, as well as the
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and services produced, total income earned, the level of employment of productive resources, and the
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DSGE models often assume that all agents of a given type are identical (i.e. there is a â
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2006:
1929:
1915:"An optimization-based econometric framework for the evaluation of monetary policy"
1875:
1850:
1766:
1668:
1618:
1554:
1446:
1409:
1332:, an analogue computer which used fluidic logic to model the workings of an economy
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2456:
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2418:
2389:
2249:
1834:
1502:
1400:
Klein, Lawrence (2004). "The contribution of Jan
Tinbergen to economic science".
1157:; this empirical work has given rise to two main competing frameworks called the
1154:
1045:
935:
883:
815:
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678:
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340:
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146:
64:
39:
31:
3719:
2759:
1607:
Phelps, Edmund S. (1968), "Money wage dynamics and labor market equilibrium",
1252:
modeler is very careful. A related issue is that ACE models which start from
1002:
in 1936. He later applied the same modeling structure to the economies of the
890:, or other macroeconomic policies); and they may be used to generate economic
608:
4084:
3949:
3939:
3914:
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3849:
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3814:
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2844:
2819:
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2799:
2794:
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2764:
2413:
2374:
2271:
1049:
1022:. The model was cited in 1980 when Klein, like Tinbergen before him, won the
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995:
887:
708:
693:
668:
653:
648:
643:
618:
613:
277:
239:
136:
1264:: a changed policy regime should generally give rise to changed strategies.
1102:
macroeconomic models based on rational choice, which have come to be called
3979:
3924:
3819:
3809:
3804:
3729:
3574:
3099:
3027:
2879:
2824:
2784:
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2428:
2394:
2384:
2342:
2219:
2214:
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1294:
1015:
803:
728:
673:
633:
420:
292:
259:
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207:
84:
79:
2131:
1914:
3954:
3944:
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3613:
3557:
3032:
2884:
2379:
2364:
1748:
1324:
1257:
1223:
1111:
1069:
999:
998:
developed the first comprehensive national model, which he built for the
989:
986:), variable inclusion was mostly determined on purely empirical grounds.
916:
891:
875:
733:
244:
229:
3864:
3664:
3441:
2814:
2744:
2675:
2620:
2109:
2086:
Brock, William; Hommes, Cars (1997). "A rational route to randomness".
1941:
1862:
1594:
1566:
1458:
951:
899:
663:
593:
529:
480:
3714:
3644:
3001:
2922:
2754:
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2209:
1545:
1289:
1029:
992:
761:
603:
234:
119:
74:
2101:
1854:
1558:
1450:
1226:
of those agents, ACE models often jump directly to specifying their
3493:
2136:
1933:
1770:
1622:
895:
1233:
2142:
1199:
1083:
1965:
Interest and Prices: Foundations of a Theory of
Monetary Policy
1755:(1998). "Income and wealth heterogeneity in the macroeconomy".
1329:
810:
2538:
2313:
1728:
Microeconomic
Foundations of Employment and Inflation Theory.
402:
178:
2970:
1435:
Koopmans, Tjalling C. (1947). "Measurement
Without Theory".
968:
In the 1940s and 1950s, as governments began accumulating
2139:- An on-line, interactive agent-based macroeconomic model
947:
1579:
Friedman, Milton (1968), "The role of monetary policy",
1352:"The need for different classes of macroeconomic models"
2128:- An on-line, interactive model of the Canadian Economy
2040:"A primer on static applied general equilibrium models"
1528:
Bodkin, Ronald; Klein, Lawrence; Marwah, Kanta (1991).
1098:, economists of the 1980s and 1990s began to construct
1661:
Carnegie-Rochester
Conference Series on Public Policy
1106:
models. These models begin by specifying the set of
2047:
Federal
Reserve Bank of Minneapolis Quarterly Review
1841:(1982). "Time to Build and Aggregate Fluctuations".
1717:
Blanchard, Olivier (2000), op. cit., Ch. 28, p. 542.
1642:
Blanchard, Olivier (2000), op. cit., Ch. 28, p. 540.
1895:, 2nd ed., Ch. 11.1, pp. 355-362. Addison-Wesley,
1473:
1395:
1393:
1030:The Lucas critique of empirical forecasting models
1912:
1527:
1191:modeling. Like DSGE models, CGE models are often
4082:
2073:Iowa State University Economics Working Paper #1
1476:Comparative Performance of US Econometric Models
894:. Thus, macroeconomic models are widely used in
1913:Rotemberg, Julio J.; Woodford, Michael (1997).
1833:
1390:
1234:Strengths and weaknesses of DSGE and ACE models
1122:of each one. Each agent is assumed to make an
1080:) that should be unaffected by policy changes.
957:
1356:Peterson Institute for International Economics
1200:Agent-based computational macroeconomic models
1187:A methodology that pre-dates DSGE modeling is
2986:
2158:
2038:Kehoe, Patrick J.; Kehoe, Timothy J. (1994).
1987:
1791:George W. Evans and Seppo Honkapohja (2001),
1104:dynamic stochastic general equilibrium (DSGE)
1084:Dynamic stochastic general equilibrium models
835:
1747:
1530:A History of Macroeconometric Model Building
1379:, 2nd ed., Chap. 3.3, p. 47. Prentice Hall,
910:
2085:
1793:Learning and Expectations in Macroeconomics
1654:"Econometric Policy Evaluation: A Critique"
2993:
2979:
2165:
2151:
2063:
2037:
1589:(1), American Economic Association: 1â17,
1012:Wharton Econometric Forecasting Associates
842:
828:
1687:"Econometrics and the Analysis of Policy"
1349:
1212:Agent-based computational economics (ACE)
1176:
1962:
1578:
1542:
1500:
1434:
1010:. The first global macroeconomic model,
1988:Shoven, John B.; Whalley, John (1972).
1350:Blanchard, Olivier (January 12, 2017).
1057:appeared to bear out their prediction.
4083:
2287:Measures of national income and output
1684:
1606:
1310:Dynamic stochastic general equilibrium
1090:Dynamic stochastic general equilibrium
970:national income and product accounting
152:Measures of national income and output
2974:
2146:
2126:Classical & Keynesian AD-AS Model
2066:"Agent-Based Computational Economics"
1891:Andrew Abel and Ben Bernanke (1995),
1651:
1471:
1399:
1880:Frontiers of Business Cycle Research
1693:. Oxford: Basil Blackwell. pp.
1189:computable general equilibrium (CGE)
3070:Agent-based computational economics
1812:DeJong, D. N. with C. Dave (2007),
1315:Agent-based computational economics
1206:Agent-based computational economics
13:
2172:
1438:Review of Economics and Statistics
1414:10.1023/B:ECOT.0000023251.14849.4f
964:Large-scale macroeconometric model
14:
4107:
2132:FAIRMODEL - US models to download
2119:
3528:neoclassicalâKeynesian synthesis
2957:
2956:
1691:The New Classical Macroeconomics
1472:Klein, Lawrence R., ed. (1991).
1320:History of macroeconomic thought
1210:Another modeling methodology is
809:
797:
38:
2079:
2057:
2031:
1981:
1956:
1906:
1885:
1869:
1827:
1806:
1785:
1741:
1726:Edmund S. Phelps, ed., (1970),
1720:
1711:
1678:
1645:
1636:
1600:
1504:The DRI Model of the US Economy
2918:Publications in macroeconomics
1967:. Princeton University Press.
1816:. Princeton University Press,
1795:. Princeton University Press,
1572:
1536:
1521:
1494:
1465:
1428:
1369:
1343:
1183:Computable general equilibrium
1066:based on economic fundamentals
757:Publications in macroeconomics
1:
3464:Critique of political economy
3000:
2900:Critique of political economy
1882:. Princeton University Press.
1673:10.1016/S0167-2231(76)80003-6
1652:Lucas, Robert E. Jr. (1976),
1337:
1260:may remain vulnerable to the
2011:10.1016/0047-2727(72)90009-6
1814:Structural Macroeconometrics
1758:Journal of Political Economy
1610:Journal of Political Economy
1094:Partly as a response to the
958:Empirical forecasting models
870:such as the total amount of
16:Model used in Macroeconomics
7:
1998:Journal of Public Economics
1480:. Oxford University Press.
1375:Blanchard, Olivier (2000),
1267:
10:
4112:
3602:Real business-cycle theory
2648:New neoclassical synthesis
2631:Real business-cycle theory
2064:Tesfatsion, Leigh (2003).
1963:Woodford, Michael (2003).
1922:NBER Macroeconomics Annual
1203:
1180:
1087:
1033:
1018:project, was initiated by
961:
508:New neoclassical synthesis
491:Real business-cycle theory
4091:Macroeconomic forecasting
4042:
4000:
3642:
3376:
3125:
3090:
3008:
2954:
2906:
2894:
2728:
2662:
2595:
2586:
2548:
2443:
2405:
2180:
1730:New York, Norton and Co.
1685:Hoover, Kevin D. (1988).
1159:real business cycle model
911:Simple theoretical models
2653:Saltwater and freshwater
1582:American Economic Review
1214:, which is a variety of
1163:New Keynesian DSGE model
1055:stagflation of the 1970s
927:macroeconomics, and the
905:
513:Saltwater and freshwater
3242:Industrial organization
3065:Computational economics
2577:International economics
2502:Overlapping generations
1501:Eckstein, Otto (1983).
1300:Computational economics
441:International economics
366:Overlapping generations
3447:Modern monetary theory
3112:Experimental economics
3082:Pluralism in economics
3055:Mathematical economics
2945:Mathematical economics
2681:Modern monetary theory
2434:Universal basic income
1177:DSGE versus CGE models
784:Mathematical economics
535:Modern monetary theory
298:Universal basic income
2775:Wesley Clair Mitchell
2750:Thomas Robert Malthus
2572:Development economics
1753:Smith, Anthony A. Jr.
1241:rational expectations
1147:adaptive expectations
1143:rational expectations
984:adaptive expectations
921:MundellâFleming model
624:Wesley Clair Mitchell
599:Thomas Robert Malthus
436:Development economics
3321:Social choice theory
3077:Behavioral economics
3060:Complexity economics
2497:RamseyâCassâKoopmans
2336:Liquidity preference
1245:representative agent
1171:economic forecasting
975:time series analysis
868:aggregate quantities
361:RamseyâCassâKoopmans
201:Liquidity preference
3405:American (National)
3105:Economic statistics
2914:Macroeconomic model
2780:John Maynard Keynes
2562:Economic statistics
2507:General equilibrium
1839:Prescott, Edward C.
860:comparative statics
856:macroeconomic model
816:Business portal
752:Macroeconomic model
629:John Maynard Keynes
426:Economic statistics
371:General equilibrium
2855:Edward C. Prescott
2567:Monetary economics
1280:Mathematical model
1249:local interactions
1137:householdâ and a â
1078:budget constraints
704:Edward C. Prescott
431:Monetary economics
4078:
4077:
3609:New institutional
2968:
2967:
2940:Political economy
2885:N. Gregory Mankiw
2875:Thomas J. Sargent
2724:
2723:
2715:Market monetarism
2519:Endogenous growth
2348:National accounts
1120:budget constraint
852:
851:
779:Political economy
734:N. Gregory Mankiw
724:Thomas J. Sargent
569:Market monetarism
383:Endogenous growth
213:National accounts
4103:
4096:Economics models
3282:Natural resource
3117:Economic history
3043:Mechanism design
2995:
2988:
2981:
2972:
2971:
2960:
2959:
2865:William Nordhaus
2850:Robert Lucas Jr.
2740:François Quesnay
2593:
2592:
2360:Nominal rigidity
2331:Demand for money
2309:Microfoundations
2245:Financial crisis
2225:Effective demand
2195:Aggregate supply
2190:Aggregate demand
2167:
2160:
2153:
2144:
2143:
2114:
2113:
2096:(5): 1059â1095.
2083:
2077:
2076:
2070:
2061:
2055:
2054:
2044:
2035:
2029:
2028:
2026:
2025:
2019:
2013:. Archived from
2005:(3â4): 281â321.
1994:
1985:
1979:
1978:
1960:
1954:
1953:
1919:
1910:
1904:
1889:
1883:
1876:Thomas F. Cooley
1873:
1867:
1866:
1835:Kydland, Finn E.
1831:
1825:
1810:
1804:
1789:
1783:
1782:
1745:
1739:
1724:
1718:
1715:
1709:
1708:
1682:
1676:
1675:
1658:
1649:
1643:
1640:
1634:
1633:
1604:
1598:
1597:
1576:
1570:
1569:
1553:(100): 283â299,
1540:
1534:
1533:
1525:
1519:
1518:
1498:
1492:
1491:
1479:
1469:
1463:
1462:
1432:
1426:
1425:
1397:
1388:
1373:
1367:
1366:
1364:
1362:
1347:
1062:Robert Lucas Jr.
844:
837:
830:
814:
813:
804:Money portal
802:
801:
800:
714:William Nordhaus
699:Robert Lucas Jr.
589:François Quesnay
225:Nominal rigidity
196:Demand for money
174:Microfoundations
110:Financial crisis
90:Effective demand
60:Aggregate supply
55:Aggregate demand
42:
19:
18:
4111:
4110:
4106:
4105:
4104:
4102:
4101:
4100:
4081:
4080:
4079:
4074:
4071:Business portal
4038:
4037:
4036:
3996:
3760:von Böhm-Bawerk
3648:
3647:
3638:
3410:Ancient thought
3388:
3387:
3381:
3372:
3371:
3370:
3121:
3086:
3038:Contract theory
3023:Decision theory
3004:
2999:
2969:
2964:
2950:
2949:
2948:
2902:
2890:
2889:
2888:
2870:Joseph Stiglitz
2830:Milton Friedman
2810:Friedrich Hayek
2731:macroeconomists
2720:
2719:
2718:
2658:
2657:
2656:
2582:
2581:
2580:
2544:
2543:
2542:
2529:MundellâFleming
2524:Matching theory
2462:Keynesian cross
2439:
2438:
2437:
2401:
2400:
2399:
2176:
2171:
2122:
2117:
2102:10.2307/2171879
2084:
2080:
2068:
2062:
2058:
2042:
2036:
2032:
2023:
2021:
2017:
1992:
1986:
1982:
1975:
1961:
1957:
1917:
1911:
1907:
1890:
1886:
1874:
1870:
1855:10.2307/1913386
1832:
1828:
1811:
1807:
1790:
1786:
1746:
1742:
1725:
1721:
1716:
1712:
1705:
1683:
1679:
1656:
1650:
1646:
1641:
1637:
1605:
1601:
1577:
1573:
1559:10.2307/2550759
1541:
1537:
1532:. Edward Elgar.
1526:
1522:
1515:
1507:. McGraw-Hill.
1499:
1495:
1488:
1470:
1466:
1451:10.2307/1928627
1433:
1429:
1398:
1391:
1374:
1370:
1360:
1358:
1348:
1344:
1340:
1335:
1270:
1236:
1208:
1202:
1185:
1179:
1155:business cycles
1092:
1086:
1046:Milton Friedman
1038:
1032:
966:
960:
942:, but some are
913:
908:
876:level of prices
848:
808:
798:
796:
789:
788:
747:
739:
738:
719:Joseph Stiglitz
679:Milton Friedman
659:Friedrich Hayek
584:
574:
573:
456:
446:
445:
416:
408:
407:
393:MundellâFleming
388:Matching theory
326:Keynesian cross
311:
303:
302:
273:
265:
264:
50:
17:
12:
11:
5:
4109:
4099:
4098:
4093:
4076:
4075:
4073:
4068:
4063:
4058:
4053:
4048:
4043:
4040:
4039:
4035:
4034:
4029:
4019:
4014:
4008:
4007:
4006:
4004:
3998:
3997:
3995:
3994:
3987:
3982:
3977:
3972:
3967:
3962:
3957:
3952:
3947:
3942:
3937:
3932:
3927:
3922:
3917:
3912:
3907:
3902:
3897:
3892:
3887:
3882:
3877:
3872:
3867:
3862:
3857:
3852:
3847:
3842:
3837:
3832:
3827:
3822:
3817:
3812:
3807:
3802:
3797:
3792:
3787:
3782:
3777:
3772:
3767:
3762:
3757:
3752:
3747:
3742:
3737:
3732:
3727:
3722:
3717:
3712:
3707:
3702:
3697:
3692:
3687:
3682:
3677:
3672:
3667:
3662:
3657:
3651:
3649:
3643:
3640:
3639:
3637:
3636:
3631:
3626:
3621:
3616:
3611:
3606:
3605:
3604:
3594:
3593:
3592:
3582:
3577:
3572:
3571:
3570:
3560:
3555:
3550:
3549:
3548:
3547:
3546:
3536:
3531:
3516:
3511:
3506:
3501:
3496:
3491:
3486:
3481:
3476:
3474:Disequilibrium
3471:
3466:
3461:
3456:
3451:
3450:
3449:
3439:
3434:
3429:
3424:
3423:
3422:
3412:
3407:
3402:
3397:
3391:
3389:
3377:
3374:
3373:
3369:
3368:
3363:
3358:
3353:
3348:
3343:
3338:
3333:
3328:
3323:
3314:
3309:
3304:
3299:
3294:
3289:
3287:Organizational
3284:
3279:
3274:
3269:
3264:
3259:
3254:
3249:
3244:
3239:
3234:
3229:
3224:
3219:
3214:
3209:
3204:
3199:
3194:
3189:
3184:
3179:
3174:
3169:
3164:
3159:
3154:
3149:
3144:
3139:
3133:
3132:
3131:
3129:
3123:
3122:
3120:
3119:
3114:
3109:
3108:
3107:
3096:
3094:
3088:
3087:
3085:
3084:
3079:
3074:
3073:
3072:
3062:
3057:
3052:
3050:Macroeconomics
3047:
3046:
3045:
3040:
3035:
3030:
3025:
3018:Microeconomics
3014:
3012:
3006:
3005:
2998:
2997:
2990:
2983:
2975:
2966:
2965:
2955:
2952:
2951:
2947:
2942:
2937:
2935:Microeconomics
2932:
2931:
2930:
2920:
2915:
2912:
2911:
2910:
2908:
2904:
2903:
2898:
2896:
2892:
2891:
2887:
2882:
2877:
2872:
2867:
2862:
2857:
2852:
2847:
2842:
2840:Lawrence Klein
2837:
2835:Paul Samuelson
2832:
2827:
2822:
2817:
2812:
2807:
2802:
2797:
2792:
2790:MichaĆ Kalecki
2787:
2782:
2777:
2772:
2767:
2762:
2757:
2752:
2747:
2742:
2737:
2736:
2735:
2733:
2726:
2725:
2722:
2721:
2717:
2712:
2707:
2705:Disequilibrium
2702:
2701:
2700:
2693:Post-Keynesian
2690:
2685:
2684:
2683:
2673:
2668:
2667:
2666:
2664:
2660:
2659:
2655:
2650:
2645:
2640:
2635:
2634:
2633:
2623:
2618:
2617:
2616:
2611:
2601:
2600:
2599:
2597:
2590:
2584:
2583:
2579:
2574:
2569:
2564:
2559:
2554:
2553:
2552:
2550:
2549:Related fields
2546:
2545:
2541:
2536:
2531:
2526:
2521:
2516:
2515:
2514:
2504:
2499:
2494:
2489:
2484:
2479:
2477:Phillips curve
2474:
2469:
2464:
2459:
2454:
2449:
2448:
2447:
2445:
2441:
2440:
2436:
2431:
2426:
2421:
2416:
2411:
2410:
2409:
2407:
2403:
2402:
2398:
2397:
2392:
2387:
2382:
2377:
2372:
2367:
2362:
2357:
2356:
2355:
2345:
2340:
2339:
2338:
2328:
2326:Money creation
2323:
2322:
2321:
2311:
2306:
2305:
2304:
2299:
2294:
2284:
2282:Liquidity trap
2279:
2274:
2269:
2268:
2267:
2262:
2252:
2247:
2242:
2241:
2240:
2235:
2227:
2222:
2217:
2212:
2207:
2202:
2200:Business cycle
2197:
2192:
2186:
2185:
2184:
2182:
2181:Basic concepts
2178:
2177:
2174:Macroeconomics
2170:
2169:
2162:
2155:
2147:
2141:
2140:
2134:
2129:
2121:
2120:External links
2118:
2116:
2115:
2078:
2056:
2030:
1980:
1973:
1955:
1934:10.1086/654340
1905:
1893:Macroeconomics
1884:
1868:
1849:(6): 1345â70.
1826:
1805:
1784:
1771:10.1086/250034
1765:(5): 243â277.
1740:
1719:
1710:
1703:
1677:
1644:
1635:
1623:10.1086/259438
1617:(4): 678â711,
1599:
1571:
1535:
1520:
1513:
1493:
1486:
1464:
1445:(3): 161â172.
1427:
1408:(2): 155â157.
1389:
1377:Macroeconomics
1368:
1341:
1339:
1336:
1334:
1333:
1327:
1322:
1317:
1312:
1307:
1305:Lucas critique
1302:
1297:
1292:
1287:
1285:Macroeconomics
1282:
1277:
1275:Economic model
1271:
1269:
1266:
1262:Lucas critique
1235:
1232:
1204:Main article:
1201:
1198:
1181:Main article:
1178:
1175:
1167:social welfare
1139:representative
1135:representative
1124:optimal choice
1096:Lucas critique
1088:Main article:
1085:
1082:
1042:Phillips curve
1036:Lucas critique
1034:Main article:
1031:
1028:
1020:Lawrence Klein
1008:United Kingdom
962:Main article:
959:
956:
912:
909:
907:
904:
850:
849:
847:
846:
839:
832:
824:
821:
820:
819:
818:
806:
791:
790:
787:
786:
781:
776:
774:Microeconomics
771:
770:
769:
759:
754:
748:
745:
744:
741:
740:
737:
736:
731:
726:
721:
716:
711:
706:
701:
696:
691:
689:Lawrence Klein
686:
684:Paul Samuelson
681:
676:
671:
666:
661:
656:
651:
646:
641:
639:MichaĆ Kalecki
636:
631:
626:
621:
616:
611:
606:
601:
596:
591:
585:
580:
579:
576:
575:
572:
571:
566:
561:
559:Disequilibrium
556:
555:
554:
547:Post-Keynesian
544:
539:
538:
537:
527:
516:
515:
510:
505:
500:
495:
494:
493:
483:
478:
477:
476:
471:
457:
452:
451:
448:
447:
444:
443:
438:
433:
428:
423:
417:
415:Related fields
414:
413:
410:
409:
406:
405:
400:
395:
390:
385:
380:
379:
378:
368:
363:
358:
353:
348:
343:
341:Phillips curve
338:
333:
328:
323:
318:
312:
309:
308:
305:
304:
301:
300:
295:
290:
285:
280:
274:
271:
270:
267:
266:
263:
262:
257:
252:
247:
242:
237:
232:
227:
222:
221:
220:
210:
205:
204:
203:
193:
191:Money creation
188:
187:
186:
176:
171:
170:
169:
164:
159:
149:
147:Liquidity trap
144:
139:
134:
133:
132:
127:
117:
112:
107:
106:
105:
100:
92:
87:
82:
77:
72:
67:
65:Business cycle
62:
57:
51:
49:Basic concepts
48:
47:
44:
43:
35:
34:
32:Macroeconomics
28:
27:
15:
9:
6:
4:
3:
2:
4108:
4097:
4094:
4092:
4089:
4088:
4086:
4072:
4069:
4067:
4064:
4062:
4059:
4057:
4054:
4052:
4049:
4047:
4044:
4041:
4033:
4030:
4027:
4023:
4020:
4018:
4015:
4013:
4010:
4009:
4005:
4003:
3999:
3993:
3992:
3988:
3986:
3983:
3981:
3978:
3976:
3973:
3971:
3968:
3966:
3963:
3961:
3958:
3956:
3953:
3951:
3948:
3946:
3943:
3941:
3938:
3936:
3933:
3931:
3928:
3926:
3923:
3921:
3918:
3916:
3913:
3911:
3908:
3906:
3903:
3901:
3898:
3896:
3893:
3891:
3888:
3886:
3883:
3881:
3878:
3876:
3873:
3871:
3868:
3866:
3863:
3861:
3858:
3856:
3853:
3851:
3848:
3846:
3843:
3841:
3838:
3836:
3833:
3831:
3828:
3826:
3823:
3821:
3818:
3816:
3813:
3811:
3808:
3806:
3803:
3801:
3798:
3796:
3793:
3791:
3788:
3786:
3783:
3781:
3778:
3776:
3773:
3771:
3768:
3766:
3763:
3761:
3758:
3756:
3753:
3751:
3748:
3746:
3743:
3741:
3738:
3736:
3733:
3731:
3728:
3726:
3723:
3721:
3718:
3716:
3713:
3711:
3708:
3706:
3703:
3701:
3698:
3696:
3693:
3691:
3688:
3686:
3683:
3681:
3678:
3676:
3673:
3671:
3668:
3666:
3663:
3661:
3658:
3656:
3655:de Mandeville
3653:
3652:
3650:
3646:
3641:
3635:
3632:
3630:
3627:
3625:
3622:
3620:
3617:
3615:
3612:
3610:
3607:
3603:
3600:
3599:
3598:
3597:New classical
3595:
3591:
3588:
3587:
3586:
3583:
3581:
3578:
3576:
3573:
3569:
3566:
3565:
3564:
3561:
3559:
3556:
3554:
3553:Malthusianism
3551:
3545:
3542:
3541:
3540:
3537:
3535:
3532:
3529:
3525:
3522:
3521:
3520:
3517:
3515:
3514:Institutional
3512:
3510:
3507:
3505:
3502:
3500:
3497:
3495:
3492:
3490:
3487:
3485:
3482:
3480:
3477:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3448:
3445:
3444:
3443:
3440:
3438:
3435:
3433:
3430:
3428:
3425:
3421:
3418:
3417:
3416:
3413:
3411:
3408:
3406:
3403:
3401:
3398:
3396:
3393:
3392:
3390:
3385:
3380:
3375:
3367:
3364:
3362:
3359:
3357:
3354:
3352:
3349:
3347:
3344:
3342:
3339:
3337:
3334:
3332:
3329:
3327:
3324:
3322:
3318:
3317:Public choice
3315:
3313:
3310:
3308:
3305:
3303:
3300:
3298:
3295:
3293:
3292:Participation
3290:
3288:
3285:
3283:
3280:
3278:
3275:
3273:
3270:
3268:
3265:
3263:
3260:
3258:
3255:
3253:
3252:Institutional
3250:
3248:
3245:
3243:
3240:
3238:
3235:
3233:
3230:
3228:
3225:
3223:
3220:
3218:
3215:
3213:
3210:
3208:
3205:
3203:
3202:Expeditionary
3200:
3198:
3195:
3193:
3192:Environmental
3190:
3188:
3185:
3183:
3180:
3178:
3175:
3173:
3170:
3168:
3165:
3163:
3160:
3158:
3155:
3153:
3150:
3148:
3145:
3143:
3140:
3138:
3135:
3134:
3130:
3128:
3124:
3118:
3115:
3113:
3110:
3106:
3103:
3102:
3101:
3098:
3097:
3095:
3093:
3089:
3083:
3080:
3078:
3075:
3071:
3068:
3067:
3066:
3063:
3061:
3058:
3056:
3053:
3051:
3048:
3044:
3041:
3039:
3036:
3034:
3031:
3029:
3026:
3024:
3021:
3020:
3019:
3016:
3015:
3013:
3011:
3007:
3003:
2996:
2991:
2989:
2984:
2982:
2977:
2976:
2973:
2963:
2953:
2946:
2943:
2941:
2938:
2936:
2933:
2929:
2926:
2925:
2924:
2921:
2919:
2916:
2913:
2909:
2905:
2901:
2897:
2893:
2886:
2883:
2881:
2878:
2876:
2873:
2871:
2868:
2866:
2863:
2861:
2860:Peter Diamond
2858:
2856:
2853:
2851:
2848:
2846:
2845:Edmund Phelps
2843:
2841:
2838:
2836:
2833:
2831:
2828:
2826:
2823:
2821:
2820:Richard Stone
2818:
2816:
2813:
2811:
2808:
2806:
2805:Joan Robinson
2803:
2801:
2800:Simon Kuznets
2798:
2796:
2795:Gunnar Myrdal
2793:
2791:
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2020:on 2022-02-26
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1050:Edmund Phelps
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709:Peter Diamond
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619:Irving Fisher
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25:
21:
20:
4066:Publications
4022:Publications
3989:
3585:Neoclassical
3575:Mercantilism
3484:Evolutionary
3346:Sociological
3319: /
3217:Geographical
3197:Evolutionary
3172:Digitization
3137:Agricultural
3100:Econometrics
3028:Price theory
2880:Paul Krugman
2825:Hyman Minsky
2785:Alvin Hansen
2557:Econometrics
2534:Overshooting
2487:HarrodâDomar
2482:ArrowâDebreu
2429:Central bank
2395:Unemployment
2385:Supply shock
2343:Money supply
2220:Disinflation
2215:Demand shock
2093:
2089:Econometrica
2087:
2081:
2072:
2059:
2050:
2046:
2033:
2022:. Retrieved
2015:the original
2002:
1996:
1983:
1964:
1958:
1925:
1921:
1908:
1892:
1887:
1879:
1871:
1846:
1843:Econometrica
1842:
1829:
1813:
1808:
1792:
1787:
1762:
1756:
1749:Krusell, Per
1743:
1727:
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1529:
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1475:
1467:
1442:
1436:
1430:
1405:
1402:De Economist
1401:
1376:
1371:
1361:February 22,
1359:. Retrieved
1355:
1345:
1295:Econometrics
1237:
1211:
1209:
1193:microfounded
1188:
1186:
1169:. However,
1132:
1103:
1100:microfounded
1093:
1059:
1039:
988:
967:
933:neoclassical
914:
880:
855:
853:
751:
729:Paul Krugman
674:Hyman Minsky
634:Alvin Hansen
518:
517:
458:
421:Econometrics
398:Overshooting
351:HarrodâDomar
346:ArrowâDebreu
293:Central bank
260:Unemployment
250:Supply shock
208:Money supply
85:Disinflation
80:Demand shock
3860:von Neumann
3629:Supply-side
3614:Physiocracy
3558:Marginalism
3247:Information
3187:Engineering
3167:Development
3162:Demographic
3033:Game theory
3010:Theoretical
2760:LĂ©on Walras
2643:Supply-side
2472:Accelerator
2380:Stagflation
2365:Price level
2260:Demand-pull
1928:: 297â346.
1325:Time series
1258:preferences
1256:instead of
1224:preferences
1216:Agent-based
1128:equilibrium
1112:preferences
1070:preferences
1024:Nobel Prize
1000:Netherlands
929:Solow model
917:IS-LM model
900:think tanks
609:LĂ©on Walras
503:Supply-side
336:Accelerator
245:Stagflation
230:Price level
125:Demand-pull
4085:Categories
4017:Economists
3890:Schumacher
3795:Schumpeter
3765:von Wieser
3685:von ThĂŒnen
3645:Economists
3544:Circuitism
3509:Humanistic
3504:Historical
3479:Ecological
3469:Democratic
3442:Chartalism
3432:Behavioral
3395:Mainstream
3356:Statistics
3351:Solidarity
3272:Managerial
3237:Humanistic
3232:Historical
3177:Ecological
3142:Behavioral
2815:John Hicks
2745:Adam Smith
2698:Circuitism
2688:Ecological
2676:Chartalism
2621:Monetarism
2596:Mainstream
2492:SolowâSwan
2467:Multiplier
2424:Commercial
2319:Endogenous
2277:Investment
2053:(1): 2â16.
2024:2019-07-12
1338:References
1254:strategies
1228:strategies
1116:technology
1074:technology
952:employment
664:John Hicks
594:Adam Smith
552:Circuitism
542:Ecological
530:Chartalism
481:Monetarism
459:Mainstream
356:SolowâSwan
331:Multiplier
288:Commercial
184:Endogenous
142:Investment
3935:Greenspan
3900:Samuelson
3880:Galbraith
3850:Tinbergen
3790:von Mises
3785:Heckscher
3745:Edgeworth
3624:Stockholm
3619:Socialist
3519:Keynesian
3499:Happiness
3459:Classical
3420:Mutualism
3415:Anarchist
3400:Heterodox
3297:Personnel
3257:Knowledge
3222:Happiness
3212:Financial
3182:Education
3157:Democracy
3092:Empirical
3002:Economics
2923:Economics
2755:Karl Marx
2663:Heterodox
2638:Stockholm
2604:Keynesian
2370:Recession
2265:Cost-push
2255:Inflation
2210:Deflation
1950:154438345
1667:: 19â46,
1631:154427979
1546:Economica
1422:154689887
1290:Economics
1151:computers
1060:In 1976,
993:economist
979:computers
950:or total
925:Keynesian
892:forecasts
762:Economics
604:Karl Marx
519:Heterodox
498:Stockholm
464:Keynesian
235:Recession
130:Cost-push
120:Inflation
75:Deflation
4046:Category
4026:journals
4012:Glossary
3965:Stiglitz
3930:Rothbard
3910:Buchanan
3895:Friedman
3885:Koopmans
3875:Leontief
3855:Robinson
3740:Marshall
3590:Lausanne
3494:Georgism
3489:Feminist
3437:Buddhist
3427:Austrian
3326:Regional
3302:Planning
3277:Monetary
3207:Feminist
3152:Cultural
3147:Business
2962:Category
2907:See also
2895:Critique
2729:Notable
2671:Austrian
2419:Monetary
2406:Policies
2238:Rational
2233:Adaptive
1878:(1995),
1779:17606592
1268:See also
1161:and the
1006:and the
896:academia
884:monetary
864:dynamics
746:See also
525:Austrian
283:Monetary
272:Policies
103:Rational
98:Adaptive
24:a series
22:Part of
4061:Outline
4032:Schools
4024: (
3985:Piketty
3980:Krugman
3845:Kuznets
3835:Kalecki
3810:Polanyi
3700:Cournot
3695:Bastiat
3680:Ricardo
3670:Malthus
3660:Quesnay
3563:Marxian
3454:Chicago
3384:history
3379:Schools
3366:Welfare
3336:Service
3127:Applied
2928:Applied
2710:Marxian
2588:Schools
2110:2171879
1942:3585236
1863:1913386
1695:167â209
1595:1831652
1567:2550759
1459:1928627
944:dynamic
767:Applied
564:Marxian
454:Schools
3970:Thaler
3950:Ostrom
3945:Becker
3940:Sowell
3920:Baumol
3825:Myrdal
3820:Sraffa
3815:Frisch
3805:Knight
3800:Keynes
3775:Fisher
3770:Veblen
3755:Pareto
3735:Menger
3730:George
3725:Jevons
3720:Walras
3710:Gossen
3634:Thermo
3312:Public
3307:Policy
3262:Labour
3227:Health
2444:Models
2414:Fiscal
2390:Saving
2250:Growth
2108:
1971:
1948:
1940:
1899:
1861:
1820:
1799:
1777:
1734:
1701:
1629:
1593:
1565:
1511:
1484:
1457:
1420:
1383:
1330:MONIAC
1220:agents
1118:, and
1108:agents
1076:, and
1068:(like
940:static
888:fiscal
582:People
310:Models
278:Fiscal
255:Saving
115:Growth
4056:Lists
4051:Index
4002:Lists
3975:Hoppe
3960:Lucas
3925:Solow
3915:Arrow
3905:Simon
3870:Lange
3865:Hicks
3840:Röpke
3830:Hayek
3780:Pigou
3750:Clark
3665:Smith
3580:Mixed
3539:Post-
3361:Urban
3341:Socio
3331:Rural
2539:NAIRU
2457:ADâAS
2452:ISâLM
2314:Money
2137:JAMEL
2106:JSTOR
2069:(PDF)
2043:(PDF)
2018:(PDF)
1993:(PDF)
1946:S2CID
1938:JSTOR
1918:(PDF)
1859:JSTOR
1775:S2CID
1657:(PDF)
1627:S2CID
1591:JSTOR
1563:JSTOR
1455:JSTOR
1418:S2CID
990:Dutch
906:Types
872:goods
403:NAIRU
321:ADâAS
316:ISâLM
179:Money
3991:more
3715:Marx
3705:Mill
3690:List
3568:Neo-
3524:Neo-
2609:Neo-
2512:DSGE
2205:CAGR
1969:ISBN
1897:ISBN
1818:ISBN
1797:ISBN
1732:ISBN
1699:ISBN
1509:ISBN
1482:ISBN
1381:ISBN
1363:2022
1048:and
1016:LINK
919:and
862:and
469:Neo-
376:DSGE
70:CAGR
3955:Sen
3675:Say
3534:New
3267:Law
2614:New
2353:SNA
2302:NNI
2297:GNI
2292:GDP
2098:doi
2007:doi
1930:doi
1851:doi
1767:doi
1763:106
1669:doi
1619:doi
1555:doi
1447:doi
1410:doi
1406:152
948:GDP
931:of
923:of
866:of
474:New
218:SNA
167:NNI
162:GNI
157:GDP
4087::
2104:.
2094:65
2092:.
2071:.
2051:18
2049:.
2045:.
2001:.
1995:.
1944:.
1936:.
1926:12
1924:.
1920:.
1857:.
1847:50
1845:.
1837:;
1773:.
1761:.
1751:;
1697:.
1689:.
1663:,
1659:,
1625:,
1615:76
1613:,
1587:58
1585:,
1561:,
1551:25
1549:,
1453:.
1443:29
1441:.
1416:.
1404:.
1392:^
1354:.
1243:,
1114:,
1072:,
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902:.
886:,
878:.
854:A
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4028:)
3530:)
3526:(
3386:)
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2112:.
2100::
2075:.
2027:.
2009::
2003:1
1977:.
1952:.
1932::
1903:.
1865:.
1853::
1824:.
1803:.
1781:.
1769::
1738:.
1707:.
1671::
1665:1
1621::
1557::
1517:.
1490:.
1461:.
1449::
1424:.
1412::
1387:.
1365:.
843:e
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829:v
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