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Books > Business & Economics > Economics > Econometrics
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Macroeconomics at the Service of Public Policy (Hardcover)
Loot Price: R3,341
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Macroeconomics at the Service of Public Policy (Hardcover)
Expected to ship within 12 - 19 working days
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This volume uses state of the art models from the frontier of
macroeconomics to answer key questions about how the economy
functions and how policy should be conducted. The contributions
cover a wide range of issues in macroeconomics and macroeconomic
policy. They combine high level mathematics with economic analysis,
and highlight the need to update our mathematical toolbox in order
to understand the increased complexity of the macroeconomic
environment. The volume represents hard evidence of high research
intensity in many fields of macroeconomics, and warns against
interpreting the scope of macroeconomics too narrowly. The
mainstream business cycle analysis, based on dynamic stochastic
general equilibrium (DSGE) modelling of a particular type, has been
criticised for its inability to predict or resolve the recent
financial crisis. However, macroeconomic research on financial,
information, and learning imperfections had not yet made their way
into many of the pre-crisis DSGE models because practical
econometric versions of those models were mainly designed to fit
data periods that did not include financial crises. A major
response to the limitations of those older DSGE models is an active
research program to bring big financial shocks and various kinds of
financial, learning, and labour market frictions into a new
generation of DSGE models for guiding policy. The contributors to
this book utilise models and modelling assumptions that go beyond
particular modelling conventions. By using alternative yet
plausible assumptions, they seek to enrich our knowledge and
ability to explain macroeconomic phenomena. They contribute to
expanding the frontier of macroeconomic knowledge in ways that will
prove useful for macroeconomic policy.
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