Dynamic disequilibrium and investment - saving imbalance

Yuli Radev

Economic Thought journal, 2016, issue 4, 126-149

Abstract: Financial crises in the period 2007-2011 put to a serious test the new neoclassical synthesis (NNS) and the sparked sharp criticism by both neoclassical school and the new Keynesians. The idea for dynamic disequilibrium was again placed in the focus of attention and investment-savings imbalance turned out to be the most logical explanation for the pathological deviations from normal development of the economy.The purpose of this publication is to discuss the intertemporal coordination and the opportunities for quantity assessment of this problem in the framework of dynamic stochastic general equilibrium (DSCE). The analysis is presented through the lens of Non-Walarasian disequilibrium, which inherited the main features of Neowalrasian disequilibrium.

JEL-codes: D50 (search for similar items in EconPapers)
Date: 2016
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