- tend to
change whenever macroeconomic policy changed. This
implied that
microfounded models are more
appropriate for
predicting the
effect of
policy changes...
- Solow–Swan model, "the"
exogenous growth model Ramsey–C****–Koopmans model, a
microfounded growth model with
infinite horizon Romer, P. M. (1994). "The Origins...
- the Solow–Swan
model in that the
choice of
consumption is
explicitly microfounded at a
point in time and so
endogenizes the
savings rate. As a result,...
-
macroeconometric model, the new
classical real
business cycle models,
microfounded com****ble
general equilibrium (CGE)
models used for medium-term (structural)...
-
Lucas critique,
economists of the 1980s and 1990s
began to
construct microfounded macroeconomic models based on
rational choice,
which have come to be...
-
expectations revolution and
Robert Lucas, Jr.'s
Lucas critique of non-
microfounded models). If the
response to the
decision maker's
actions (and
their credibility)...
- prices;
together with
Julio Rotemberg he
developed one of the
first microfounded New
Keynesian macroeconomic models.
Since then he has used this framework...
- Lucas'
influential argument convinced many
macroeconomists to
build microfounded models of this kind. However, this was
technically more
difficult than...
-
economist Julio Rotemberg (1953–)
published the
first paper describing a
microfounded DSGE New
Keynesian macroeconomic model. In 1975
American economists Sidney...
-
macroeconomic growth, the
dynamic stochastic general equilibrium is no more
microfounded than
simpler models such as the Solow–Swan model. As long as a macroeconomic...
