GEM Project - Research Exchange

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a home
for economists
who believe
macroeconomics
can be both coherent and stabilization policy-relevant

Research
Exchange

Research Exchange

The GEM Project Research Exchange is a forum for economists who believe that macroeconomics must be both coherent and stabilization-relevant.

We invite you to contribute your own research and comments on workplace-exchange economics, including its implications for stabilization policymaking.

GEM Project Papers

Classic Papers

Research papers contributed to the GEM Project will be hosted on this site.
Comments and paper submissions are encouraged.

Modeling Extreme Instability

By James Annable & Shani Schechter | Mar 16, 2015

James Annable & Shani Schechter | JUL 2014

We construct a coherent theory of extreme macro instability, an important macro phenomenon most recently experienced in the United States in 2008-09. The model is then used to identify important policymaking lessons from …
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At Last, A Coherent Theory of Involuntary Unemployment

By Shani Schechter | Mar 15, 2015

James Annable | MAY 2015

Mainstream macro theorists reasonably insist on coherence with mainstream microeconomics. The early Keynesian separation of macro and micro into incompatible systems has long been unacceptable in the academy. In pursuit of coherence, modern model-builders work within …
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Mark-to-Market Regulatory Accounting

By James Annable | Mar 14, 2015

James Annable & Britton Lombardi | OCT 2011

Mark-to-market regulatory accounting (M-to-M) is demonstrated to be an inappropriate asset valuation-standard for use by the Federal Reserve in its regulation of financial-services firms. The paper argues that the Fed must reject the …
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At Last, A Modern Theory of Wage Determination

By James Annable | Mar 13, 2015

James Annable | APR 2011

A great deal of wage determination, especially that practiced in large, bureaucratic firms, is constrained in ways that did not emerge until the 20th century. As a result, the elegant, durably mainstream modeling of the great …
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