By C. Usabiaga-Ibánez
The publication presents an authoritative advisor to the present nation of macroeconomics and the perspectives of the best practitioners of the self-discipline. the topic is approached from 3 major views: method, concept and monetary coverage. The focal curiosity of the e-book is its being outfitted on huge conversations with a number of the world's prime macroeconomists. The e-book is based in elements: the 1st features a short advent and the transcript of the conversations, and the second one offers systematic research of the most info they comprise. The conversations conceal the entire significant themes of macroeconomic thought, in addition to questions of technique, relationships with the genuine financial system, educational structures and destiny strains of study. This publication can be very important supplementary interpreting for macroeconomics classes at assorted degrees, and for a much wider viewers of researchers and students in economics.
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Extra resources for The Current State of Macroeconomics: Leading Thinkers in Conversation
After the end of the gold standard inﬂation just takes off, and that’s clearly evidenced in the changing Phillips curve. That’s an example of the Lucas critique in action. You can see that in other areas, things like, say, in the UK, the controls placed on the banks in the seventies to try to restrain credit, in response to which the banks changed their behaviour … that’s an example of the Lucas critique in action again. So, I think it’s relevant, and one always needs to bear in mind how economic agents are going to change their behaviour if the policy regime is changed, but one has to be careful about overdoing the Lucas critique.
It seems to me that it’s a useful tool to add to the macroeconomist’s toolkit, which I’m sure will stay with us, but I think the approach has to recognize its limitations as well. 2] Is there a danger of an inadequate use of econometrics in this area? That’s a very fair criticism to my mind, because complicated mathematical calculations can help, but they are not a substitute for thought, and it’s obviously related to my earlier remarks in the context of using the latest, fanciest statistical techniques.
And our focus on the role of public debt owes a lot to Franco Modigliani. These people have been important deﬁning the agenda, but the younger group of people, Diamond, Lucas and Solow, gave us the tools to study the agenda. We have agreed to adopt the language of Solow, Diamond and Lucas (although they have also helped us deﬁning the issues), but the issues had been set earlier by people like Keynes, Friedman or Modigliani. So, it’s a question of what we discuss versus what language we use to discuss it.
The Current State of Macroeconomics: Leading Thinkers in Conversation by C. Usabiaga-Ibánez