| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29158 |
| 来源ID | Working Paper 29158 |
| Mr. Keynes and the \u201cClassics\u201d; A Suggested Reinterpretation | |
| Gauti B. Eggertsson; Cosimo Petracchi | |
| 发表日期 | 2021-08-16 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper revisits and proposes a resolution to an empirical and theoretical controversy between Keynes and the “classics” (or monetarists). The controversy dates to Keynes’s General Theory (1936)—most famously formalized in Hicks’s (1937) classic Econometrica article, in which the IS-LM model is first formally stated. We first replicate empirical tests formulated in the late 1960s and ’70s and show that more recent data have more statistical power and resolve the empirical debate in favor of the Keynesians, at least according to the criteria of the literature at that time. We then show, using a simple dynamic stochastic general equilibrium (DSGE) model, that the empirical tests suffer from the Lucas (1976) critique, as the conclusion fundamentally depends upon the assumed policy regime. Nevertheless, we argue, this new empirical result is useful: it provides evidence for the existence of a “Keynesian policy regime” according to which traditional monetary expansion loses its impact in the absence of a policy regime change, in the sense of Sargent (1982). |
| 主题 | Other ; History of Economic Thought ; Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w29158 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586831 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Cosimo Petracchi. Mr. Keynes and the \u201cClassics\u201d; A Suggested Reinterpretation. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29158.pdf（962KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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