Scientific and Methodological Problems in Modern Macroeconomics

Petar Piperkov
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Petar Piperkov: University of National and World Economy, Bulgaria

Scientific Conference of the Department of General Economic Theory, 2022, issue 1, 74-78

Abstract: The global financial crisis of 2007 provoked ongoing debates among academic circles whether macroeconomic theory is adequate to the realities of the 21st century. The theoretical models for explaining macroeconomic phenomena in recent decades, IS-LM and DSGE, have been criticized as inappropriate by the very authors of their foundations - J. Hicks and R. Solow, while according to other economists such as B. Bernanke, the standard macro-models were developed for non-crisis periods and continue to be useful in this context. This paper will attempt to clarify and systematize the main scientific and methodological problems of the two fundamental macroeconomic models.

Keywords: Business cycles; Economic crises; Macroeconomic models; Macroeconomics (search for similar items in EconPapers)
JEL-codes: E37 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:oitcon:y:2022:i:1:p:74-78

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