Palacio Vera, Alfonso (2002) The modern view of macroeconomics : some critical reflections. [ Documentos de Trabajo de la Facultad de Ciencias Económicas y Empresariales; nº 17, 2002, ISSN: 2255-5471 ]
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URL Oficial: http://eprints.ucm.es/6796/
Romer has proposed an alternative macroeconomic framework, i.e., the IS-MP-IA model. Its proponents claim that it constitutes a ‘modern’ view of macroeconomics. We show that the new framework is closely attached to the neoclassical synthesis and, in addition, fails to take account of: (i) the recent empirical evidence on the short-run output-inflation trade-off, (ii) the recent work and evidence on the interdependence of aggregate demand and supply, (iii) the limits of monetary policy and (iv) the consequences for demand-management policy of (i), (ii) and (iii). Once all these aspects are incorporated, we have that short-run stabilization policy is non-neutral in the long run, loanable funds theory becomes irrelevant and aggregate demand becomes the crucial exogenous variable in the short run and, perhaps, also in the long run.
|Tipo de documento:||Documento de trabajo o Informe técnico|
Códogos JEL: A22, E10, E50, E60
|Palabras clave:||Neutrality of money; NAIRU; Natural rate of interest; Aggregate demand.|
|Materias:||Ciencias Sociales > Economía > Macroeconomía|
|Título de serie o colección:||Documentos de Trabajo de la Facultad de Ciencias Económicas y Empresariales|
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|Última Modificación:||02 Nov 2015 10:44|
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