Macro-Economic Failures

Charles Goodhart

Chapter Chapter 4 in The Economic Crisis and the State of Economics, 2010, pp 53-59 from Palgrave Macmillan

Abstract: Abstract This chapter will focus on the implications of the current financial crisis for macroeconomic theory. With this aim, I shall concentrate on two main failures. First: the neo-Keynesian consensus three-equation Dynamic Stochastic General Equilibrium model (DSGE)—that we all love and I hate—that has been set out by macro-economists such as Gali and Gertler; and second: the Efficient-Markets Hypothesis (EMH).

Keywords: Cash Flow; Credit Risk; Hedge Fund; Taxi Driver; Future Cash Flow (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10569-0_5

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DOI: 10.1057/9780230105690_5

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