Helping a Great Economist: Arthur Burns

It is a tenet of the GEM Project that professional greatness is not limited to making important contributions to economic theory. Economist policymakers whose experience and skill, especially in crisis, have substantially enhanced our collective well-being are included in the … 
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A Macro Annus Mirabilis?

The GEM Project’s generalization of rational exchange from the marketplace to workplaces restricted by costly, asymmetric workplace information is exceptionally consequential. That core theory simultaneously microfounds three separate models that, taken together, fundamentally reorganize textbook macro theory:

Labor pricing that is … 
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Helping Great Economists: Piero Sraffa

I am fascinated by the capacity of the GEM Project to rescue powerful theories from the New Keynesian (NK) dustbin. Generalizing rational exchange from the marketplace to workplaces restricted by costly, asymmetric information is apparently a very good idea. A … 
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Helping a Great Economist: Arthur Okun

 

Macroeconomics today would be much more stabilization-relevant but for Arthur Okun’s untimely death in 1980.  His posthumously published Prices and Quantities proposed a promising class of macro modeling centrally microfounded by intra-firm optimization. Absent his insight, standing, and powers of persuasion, … 
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Undergraduate Textbooks

 

The GEM Project has a special interest in the on-going debate about undergraduate macro textbooks. In the generation that followed the New Keynesian seizure of the macro academy’s mainstream, their signature dynamic stochastic general-market-equilibrium theory (enriched with rational market frictions) … 
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