RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT

By Joseph E. Stiglitz. 2011

310 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/9dfce9430e09dd2f920c6c57264b4cca1d6795d5

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In Economics and Econometrics

Citations in the corpus

Macroeconomic Policy in DSGE and Agent-Based Models (2012, unknown): “In addition, the well-known results obtained by Sonnenschein (1972), Debreu (1974) and Mantel (1974) show that one can never restrict agents’ characteristics (e.g., endowments, preferences, etc.) in such a way to attain uniqueness and stability.”
Estimation of ergodic agent-based models by simulated minimum distance (2015, background): “5See Colander et al. (2008); Solow (2010); Kirman (2010); Krugman (2011); Stiglitz (2011).”
Income Distribution, Credit and Fiscal Policies in an Agent-Based Keynesian Model (2013, unknown): “Indeed, there are solid reasons to believe that inequality is contributing — now as well as in the aftermath of the ’29s crises — to depress aggregate demand (Fitoussi and Saraceno, 2010; Kumhof and Ranciere, 2010; Stiglitz, 2011).”
Economic Forecasting with an Agent-Based Model (2020, unknown): “Table 5: Out-of-sample forecast performance of sectoral gross value added (GVA) A B, C, D and E F G, H and I J K L M and N O, P and Q R and S AR(1) RMSE-statistic for different forecast horizons 1q 10.97 1.29 1.39 0.98 2.37 3.95 0.37 1.68 0.55 0.34 2q 14.29 1.75 1.81 1.48 2.93 4.94 0.61 1.94 0.71 0.”
Macroeconomic Fluctuations, Inequality, and Human Development (2012, background): “1 For a critique of this paradigm, see, for instance, Stiglitz (2011a, 2011b) and the references cited there, including Stiglitz (2010c).”
More is different ... and complex! the case for agent-based macroeconomics (2019, background): “…possess all the information required to attain the equilibrium of the whole economy (Caballero, 2010), this applies even more so in periods of strong structural transformation, like the Great Recession, that require policies never tried before (e.g. quantitative easing, see Stiglitz, 2011, 2015).”
The State of Economics, the State of the World (2016, unknown): “…central banks flail at this with different policies, it is evident that there are large gaps in our understanding of the impact of macroeconomic policies, and the linkage between the financial and real worlds (Stiglitz 2011).”