| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 965539 | Journal of Macroeconomics | 2012 | 12 Pages |
Abstract
⺠Modern macroeconomic theory has fallen behind the practice of central banking. ⺠The practice of inflation targeting did not arise from the literature on time inconsistency. ⺠Modern macro does not capture the role of central banks in promoting financial stability. ⺠The shortcomings of modern macro result from its preoccupation with states of equilibrium. ⺠Agent-based computational economics can overcome some of these shortcomings.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Peter Howitt,