Macroeconomic Modelling, Economic Policy and Methodology
Economics at the Edge
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Demonstrating that there are (superior) alternatives to the modern macroeconomic mainstream and its DSGE (dynamic stochastic general equilibrium) models, this book presents the cutting edge in macroeconomic modelling, economic policy, and methodology from the perspective of heterodox economic thinking.
The first part of the book explores methodological issues, advocating for a stronger ethical consideration in macroeconomics and for the adoption of a strategy of pluralism to ensure that macroeconomic theory is capable of adapting to real-world issues. The second part highlights recent trends in empirical Stock-Flow Consistent models by collecting a group of the most well-developed empirical models of five different economies: the Danish, the Dutch, the French, the Italian, and the Argentinian models. In all five cases, the models are used to discuss various policy aspects of the individual economies. Finally, the book explores issues of macroeconomic policy which are largely neglected by mainstream economists including financial (in)stability and macro imbalances. The book emphasizes the need for investigating sectoral balances, which are crucial elements for investigating imbalances from the heterodox perspective.
This book will be of significant interest to students and scholars of macroeconomics, economic modelling, economic methodology and heterodox economics more broadly.
Table of Contents
1. Introduction – Economics at the Edge Part I: Methodology 2. Ideology, Werturteilsfreiheit and pluralism in economics 3. Does macroeconomics have to deal with ethical considerations? 4. Understanding the temporal in economics Part II: Empirical SFC Modelling 5. House prices, credit and financial cycles: An Empirical Stock-flow consistent (SFC) model for the Danish Economy 6. Globalisation and Financialisation in the Netherlands, 1995 - 2020 7. A Stock Flow Consistent model for the French economy 8. A Stock-Flow Consistent Quarterly Model of the Italian Economy 9. The Long Decay of Argentina: could the 2010s have been different? Part III: Economic Policy Aspects 10. Central Bank Independence in an Age of Democratic Values 11. Foreign exchange accumulation and the advent of the monetary policy quadrilemma 12. Sectoral balance analysis: Evidence from Scandinavia 13. Realism in economics: A new approach to financial instability
Mikael Randrup Byrialsen is Associate Professor at the Aalborg University Business School, Denmark.
Hamid Raza is Associate Professor at the Aalborg University Business School, Denmark.
Finn Olesen is Professor at the Aalborg University Business School, Denmark.