کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5104521 1481021 2017 41 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Are Dynamic Stochastic Disequilibrium models Keynesian or neoclassical?
ترجمه فارسی عنوان
آیا مدل کوانتومی یا نئوکلاسیک مدلهای غیرمعمول استیکاستیک پویا هستند؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Dynamic Stochastic Disequilibrium (DSDE) models share the micro-foundations of Dynamic Stochastic General Equilibrium (DSGE) models based on inter-temporal optimization and rational expectations. Yet, it features the principle of effective demand which is at the core of Traditional Post-Keynesian (TPK) models and follows from the perception that the wage inflation is a policy variable rather than a labor-market clearing variable. In order to locate the DSDE model among the traditions of economic thought, the paper compares DSDE first-order conditions of optimal behavior with TPK rule-of-thumb behavior. It further compares the economic propagation of a DSDE model to those of a DSGE and TPK model as well as a Synthetic Neoclassical (SNC) model which features TPK behavioral assumptions and labor-market clearing. We arrive at two core conclusions: First, apart from assumptions regarding expectation formation, orthodox micro-foundation is, to a considerable extent, consistent with the behavioral hypotheses underlying TPK models. Second, the economy characterized by the DSDE model is essentially post-Keynesian rather than neoclassical because it features the principle of effective demand.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Structural Change and Economic Dynamics - Volume 40, March 2017, Pages 46-63
نویسندگان
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