By Joseph E. Stiglitz, Martin Guzman
Stiglitz and Guzman assemble this edited assortment that offers a chain of reports on modern macroeconomic matters and features a set of key classes for macroeconomic concept and rules from the new international monetary crisis.
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Additional info for Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond
These issues are not simply theoretical curiosities, but they have important implications for policy guidance. A model that cannot account for the persistent subutilization of factors of production will overestimate the speed of recovery from a crisis (a typical feature of the Fed forecasting models, and of IMF models as well2 ). The key premise of our theory is that individuals may have differences in beliefs, and these differences can be economically exploited through markets. We assume there exists a market for bets that makes it possible.
The rest of the chapter is organized as follows. 2 presents the main premises of our theory. 3 distinguishes two cases of analysis, an endowment economy and a production economy, and presents the main results. 4 analyzes the welfare implications of those results. 5 studies the implications of the “natural” adjustments that follow a shock to expected wealth, and delves into policy implications. 6 concludes the chapter. Martin Guzman and Joseph E. 2 Premises of the theory The main premise of our theory is the existence of heterogeneous agents.
Rational expectations/business cycle theories under perfectly competitive markets, with nice and smooth, convex technologies, perfect foresight and full information sets had provided the ideological foundation of this approach since about the early 1980s. What was true and beneﬁcial for a small segment of the society had been alleviated to a mirage that became synonymous for the whole society with a frantic obsession with macroeconomic stability and inﬂation phobia. As Yeldan (2009) attests, the economics curriculum has increasingly become restricted to the same apparatus – the idea of optimization at the margin in an environment characterized by the full employment of resources, full and freely available information, smoothly functioning and competitive markets, and diminishing returns.