Trends of Macroeconomic Models

This article provides an overview and analysis of the ideas of the leading macroeconomists expressed in the issue “Rebuilding Macroeconomic Theory”, Oxford Review of Economic Policy journal. These ideas were expressed in connection with the discussion of the future of macroeconomic models. The motiv...

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Autores principales: M. Yu. Andreyev, A. V. Polbin
Formato: article
Lenguaje:EN
RU
Publicado: North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration 2019
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Acceso en línea:https://doaj.org/article/990a9a1ec386481ca863f7d4fdeedf3a
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spelling oai:doaj.org-article:990a9a1ec386481ca863f7d4fdeedf3a2021-11-12T10:46:09ZTrends of Macroeconomic Models1726-11391816-859010.22394/1726-1139-2019-2-24-33https://doaj.org/article/990a9a1ec386481ca863f7d4fdeedf3a2019-04-01T00:00:00Zhttps://www.acjournal.ru/jour/article/view/1036https://doaj.org/toc/1726-1139https://doaj.org/toc/1816-8590This article provides an overview and analysis of the ideas of the leading macroeconomists expressed in the issue “Rebuilding Macroeconomic Theory”, Oxford Review of Economic Policy journal. These ideas were expressed in connection with the discussion of the future of macroeconomic models. The motivation for the discussion lies in the poor performance of macroeconomic models before the global economic crisis of 2007–2008 and in the subsequent period of recovery. The main issue considered by economists is the possible changes in the basic neoKeynesian model and DSGE-models as a whole. It was found that there are three directions for the solution of the issue. First, the rejection of the primary role of DSGE-models in the analysis of modern macroeconomics and the use of other types of models. Secondly, the elimination of defciencies of existing models associated with poor justifcation at the micro level, as well as an unsatisfactory description of fnancial frictions. Thirdly, it is possible not to make any targeted efforts, since the class of DSGE-models is still the most efcient. The paper concludes that the second path of development is more preferable.M. Yu. AndreyevA. V. PolbinNorth-West institute of management of the Russian Presidential Academy of National Economy and Public Administration articlemacroeconomic modelsneo-keynesian modelfinancial crisisdsge-modelsrational expectationsstructural modelsfinancial frictionmicro foundationsPolitical institutions and public administration (General)JF20-2112ENRUУправленческое консультирование, Vol 0, Iss 2, Pp 24-33 (2019)
institution DOAJ
collection DOAJ
language EN
RU
topic macroeconomic models
neo-keynesian model
financial crisis
dsge-models
rational expectations
structural models
financial friction
micro foundations
Political institutions and public administration (General)
JF20-2112
spellingShingle macroeconomic models
neo-keynesian model
financial crisis
dsge-models
rational expectations
structural models
financial friction
micro foundations
Political institutions and public administration (General)
JF20-2112
M. Yu. Andreyev
A. V. Polbin
Trends of Macroeconomic Models
description This article provides an overview and analysis of the ideas of the leading macroeconomists expressed in the issue “Rebuilding Macroeconomic Theory”, Oxford Review of Economic Policy journal. These ideas were expressed in connection with the discussion of the future of macroeconomic models. The motivation for the discussion lies in the poor performance of macroeconomic models before the global economic crisis of 2007–2008 and in the subsequent period of recovery. The main issue considered by economists is the possible changes in the basic neoKeynesian model and DSGE-models as a whole. It was found that there are three directions for the solution of the issue. First, the rejection of the primary role of DSGE-models in the analysis of modern macroeconomics and the use of other types of models. Secondly, the elimination of defciencies of existing models associated with poor justifcation at the micro level, as well as an unsatisfactory description of fnancial frictions. Thirdly, it is possible not to make any targeted efforts, since the class of DSGE-models is still the most efcient. The paper concludes that the second path of development is more preferable.
format article
author M. Yu. Andreyev
A. V. Polbin
author_facet M. Yu. Andreyev
A. V. Polbin
author_sort M. Yu. Andreyev
title Trends of Macroeconomic Models
title_short Trends of Macroeconomic Models
title_full Trends of Macroeconomic Models
title_fullStr Trends of Macroeconomic Models
title_full_unstemmed Trends of Macroeconomic Models
title_sort trends of macroeconomic models
publisher North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration
publishDate 2019
url https://doaj.org/article/990a9a1ec386481ca863f7d4fdeedf3a
work_keys_str_mv AT myuandreyev trendsofmacroeconomicmodels
AT avpolbin trendsofmacroeconomicmodels
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