This paper provides a critique of the DSGE models that have come to dominate
macroeconomics during the past quarter-century. It argues that at the heart of the failure …

The research for which George Akerlof, Michael Spence, and I are being recognized is part
of a larger research program which today embraces a great number of researchers around …

Snowdon and Vane s book is extremely welcome. Indeed the authors examine, compare,
and evaluate the evolution of the major rival stories comprising contemporary …

The rapid collapse of socialism has raised new economic policy questions and revived old
theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian …

The standard macroeconomic models have failed, by all the most important tests of scientific
theory. They did not predict that the financial crisis would happen; and when it did, they …

This article addresses the question of the desirability of a tax on transactions in the securities
industry. Many of the other major industrialized economies impose such a tax. In Japan, for …

Dynamic analysis in economics is as old as economics itself. A glance at the subject index in
Schumpeter (1954) is sufficient to convince you about this. Even dynamic mathematical …

This paper develops a new approach to test for downward wage rigidity by examining
transitory shocks to labor demand (ie, rainfall) across 600 Indian districts. Nominal wages …

Rochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to
offer a historical overview of the post-Keynesian and circuit approaches to endogenous …

This paper examines the two-way relationship between inequality and economic
fluctuations, and the implications for human development. For years, the dominant paradigm …