The modern view of macroeconomics : some critical reflections /

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...

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Detalles Bibliográficos
Autor principal: Palacio Vera, Alfonso
Autor Corporativo: Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresariales
Formato: eBook
Idioma:Inglés
Publicado: Madrid : Universidad Complutense de Madrid, 2002.
Colección:Documento de trabajo ; 2002-017
Materias:
Acceso en línea:https://eprints.ucm.es/6796/1/0217.pdf
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245 1 4 |a The modern view of macroeconomics :  |b some critical reflections /  |c Alfonso Palacio Vera ; [Facultad de Ciencias Económicas y Empresariales, Universidad Complutense de Madrid]. 
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520 3 |a 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 lirnits 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. 
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