Today’s scripture is 1 Kings 17:16: “For the jar of flour was not used up and the cruse [jug] of oil did not run dry, in keeping with the word of the LORD spoken by Elijah.” The miraculous flour jar …
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An Early Keynesian on the State of Macroeconomics
The last two weeks took a critical look at an elite New Keynesian theorist’s optimistic take on the state of mainstream macroeconomics. This week provides some Early Keynesian perspective, focusing on the estimable Bob Solow’s assessment of the same topic …
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Galí on the State of New Keynesianism, Part II
Last week’s post looked at, and found wanting, Jordi Galí’s 2018 optimistic assessment of the state of New Keynesian macroeconomics. My negative judgment was not influenced by his downplaying of the great shame of NK macro modeling, which I planned …
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Galí on the State of New Keynesianism
Last year when Jordi Galí published “The State of New Keynesian Economics: A Partial Assessment” in the Journal of Economic Perspectives (2018), I paid attention. Galí is among the elite of New Keynesian theorists, making him a bellwether on the …
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Helping the Romer Brothers
Two decades ago, David Romer constructed the reigning New Keynesian, and therefore current mainstream, version of the Phillips curve. That contribution, which will be closely examined in a new GEM Project monograph, Resurrecting Meaningful Wage Rigidity, got me to thinking …
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What Should Happen
This is what I believe should happen. The postwar development of stabilization-relevant macroeconomics becomes divisible, like Caesar’s Gaul, into three parts. The first covers the dominance of the estimable Early Keynesians. EK theorists organized their research around the Neoclassical Synthesis, …
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Fundamental Choice
Core neoclassical principles that govern macro modeling are optimization, general equilibrium, and market centricity. The GEM Project argues that the third tenet, the restriction of rational exchange to the marketplace, long ago outlived its usefulness. The emergent ubiquity of complex, …
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On the Structure of Macro Theories
The impetus for this post comes from two good economists, David Colander and Harry Landreth (1996, p.13): “… it is useful to separate out a deep structure of a theory and what might be called a surface structure. The deep …
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New Keynesian Hybrid Phillips Curve
As promised, this post looks the hybrid version of the Phillips curve (PC), identified last week as the New Keynesian standard for explaining inflation persistence. What follows briefly recounts the PC origin story and examines the GEM Project’s superior version.
Adaptive …
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Inertia in New Keynesian Modeling
I cannot just yet let the GEM Blog examination of Carlin and Soskice’s Macroeconomics (2015) go. It is very interesting to me how much rational-behavior generalized-exchange modeling would enhance that text, making it uniquely important. The advantage of the 2nd …
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