Post Keynesian Dynamic Stochastic General Equilibrium Theory

Roger Farmer

No 11807, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 neo-classical 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: Dynamic stochastic general equilibrium theory; Post keynesian economics (search for similar items in EconPapers)
JEL-codes: E12 E20 (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-dge, nep-mac and nep-pke
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Citations: View citations in EconPapers (11)

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Related works:
Journal Article: Post-Keynesian dynamic stochastic general equilibrium theory (2017)
Working Paper: Post Keynesian Dynamic Stochastic General Equilibrium Theory (2017)
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