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Post-Keynesian dynamic stochastic general equilibrium theory
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Farmer, Roger E. A. (2017) Post-Keynesian dynamic stochastic general equilibrium theory. European Journal of Economics and Economic Policies: Intervention, 14 (2). pp. 173-185. doi:10.4337/ejeep.2017.02.02 ISSN 2052-7764.
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Official URL: http://dx.doi.org/10.4337/ejeep.2017.02.02
Abstract
This paper explains the connection between ideas developed in my recent books and papers and those of economists who self-identify as post-Keynesians. My own work is both neoclassical and ‘old Keynesian.’ Much of my published work assumes that people have rational expectations and that ‘animal spirits’ should be modeled as a new fundamental. I adopt a general equilibrium framework to model the macroeconomy. But although I write from a neoclassical tradition the themes I explore in my published writing have much in common with heterodox economics. This paper explains the common elements between these seemingly disparate traditions. I make the case for unity between post-Keynesian and general equilibrium theory under the banner of post-Keynesian dynamic stochastic general equilibrium theory.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Keynesian economics, Macroeconomics, Equilibrium (Economics) | ||||||
Journal or Publication Title: | European Journal of Economics and Economic Policies: Intervention | ||||||
Publisher: | Edward Elgar Publishing Ltd. | ||||||
ISSN: | 2052-7764 | ||||||
Official Date: | 1 September 2017 | ||||||
Dates: |
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Volume: | 14 | ||||||
Number: | 2 | ||||||
Page Range: | pp. 173-185 | ||||||
DOI: | 10.4337/ejeep.2017.02.02 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 7 February 2018 | ||||||
Date of first compliant Open Access: | 7 February 2018 |
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