Post-Keynesian dynamic stochastic general equilibrium theory

Roger Farmer

European Journal of Economics and Economic Policies: Intervention, 2017, vol. 14, issue 2, 173-185

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.

Keywords: post-Keynesian economics; DSGE theory; rational expectations (search for similar items in EconPapers)
JEL-codes: B22 B40 E12 E13 E32 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
https://www.elgaronline.com/view/journals/ejeep/14-2/ejeep.2017.02.02.xml (application/pdf)

Related works:
Working Paper: Post Keynesian Dynamic Stochastic General Equilibrium Theory (2017)
Working Paper: Post Keynesian Dynamic Stochastic General Equilibrium Theory (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:14:y:2017:i:2:p173-185

Access Statistics for this article

European Journal of Economics and Economic Policies: Intervention is currently edited by Torsten Niechoj

More articles in European Journal of Economics and Economic Policies: Intervention from Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().