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The increasing ascendancy of real career cycle theories of various stripes, with their common view that the economy is best modeled as a floating Walrasian equilibrium, buffeted by productivity shocks, is indicative of the depths of the divisions separating academic macroeconomists ….
And they suggest that most of the work of contemporary macroeconomists is worth small more than that of those pursuing astrological science …. My view is that business circle models of the type urged on us by Prescott cause nothing to do with the business cycle phenomena observed in The United States or other capitalist economies …. The perception of a big loose tent flapping in the wind be convenients to mind …. The propagation mechansim is intertemporal substitution in employment. Imagine an analyst confronting the market for ketchup.
Think she or he decided to ignore data on the hire of ketchup. There is ascetically no evidence to support any of the price effects predicted by the model ….
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Thomas Palley , in a recent interview here tries to explain what caused the latest crisis and why the economy today is confronted with the prospect of extended stgnation:. In a essay … Summers identified three main reasons why RBC models are not, in fact, real:.
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