New Keynesian Conundrum

A reason to reread Olivier Blanchard and Stanley Fischer’s Lectures in Macroeconomics (1989) is an early statement of what New Keynesians (NK) hoped to accomplish during the 30-year macro methodology war. We all know the short answer. NK economists were … 
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Bob Hall’s Choice

Last week’s blog considered, from the perspective of the GEM Project, Kartik Athreya’s (2013) four rules governing what makes a model acceptable to mainstream macroeconomists. This week’s installment illustrates the troubling choices those rules impose on modern theorists.

Robert Hall, a … 
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