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Philip Arestis and Gennaro Zezza

Chapter 1 in Advances in Monetary Policy and Macroeconomics, 2007, pp 1-6 from Palgrave Macmillan

Abstract: Abstract In September 2005 we organized a conference at the University of Cassino, Italy, the aim of which was to explore ‘The Keynesian Legacy in Macroeconomic Modelling’. In the postwar period, macroeconomic modelling of developed economies was mainly rooted in Keynesian theory up to the 1970s, when the failure of applied models to deal with stagflation led to a shift in economic theory towards supply-side models, rational expectations, optimizing behaviour etc., and since that time attention to applied macroeconomic models as we knew it has diminished considerably among economists. However, existing empirical models based on Keynesian and Post Keynesian principles are sometimes more successful than models based on optimizing behaviour in tracking real economies. Moreover, theoretical macroeconomic models are still developed and discussed among economists of a Keynesian persuasion. The ultimate goal of the conference was to collect state-of-the-art results in what one may broadly label as Keynesian macroeconomic modelling, on both theoretical and empirical grounds.

Keywords: Monetary Policy; Euro Area; Real Exchange Rate; Implied Volatility; European Monetary Union (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230800762_1

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