English, Article, Journal or magazine article edition: The "Modern" View of Macroeconomics: Somo Critical Reflections Alfonso Palacio Vera

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Bookmark: http://trove.nla.gov.au/version/9492
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The "Modern" View of Macroeconomics: Somo Critical Reflections
Author
  • Alfonso Palacio Vera
Physical Description
  • preprint
Notes
  • 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 limits 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.
  • RePEc:ucm:doctra:02-17
Language
  • English
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