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In the early 2000s, ...[the] problem of fit [ag] disappeared for modern macro models with sticky prices. Using novel Bayesian estimation methods, Frank Smets and Raf Wouters [205] demonstrated that a sufficiently rich New Keynesian model could fit European data well. Their finding, along with similar work by other economists, has led to ...
[2] [3] Macroeconomists study topics such as output/GDP (gross domestic product) and national income, unemployment (including unemployment rates), price indices and inflation, consumption, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. [4]
Robert Joseph Barro (born September 28, 1944) is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University. [1] Barro is considered one of the founders of new classical macroeconomics, along with Robert Lucas Jr. and Thomas J. Sargent. [2]
The 4% Solution: Unleashing the Economic Growth America Needs. New York: Crown Business. pp. 27– 41. ISBN 978-0-307-98614-6. Lucas, Robert E. Jr.; Moll, Benjamin (October 2011). "Knowledge Growth and the Allocation of Time". Working Paper Series no. 17495. National Bureau of Economic Research. doi: 10.3386/w17495
Study begins with fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization, comparative advantage, demand, supply, and price determination. Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy , and international economics ...
However, it does not follow from these findings that governments can effectively mitigate business cycles fluctuations through discretionary changes in aggregate public spending or the short-term nominal interest rate. Instead they find, in general, that government policies would be more effective if they concentrate on structural reforms that ...
Nicholas Gregory Mankiw (/ ˈ m æ n k j uː / MAN-kyoo; born February 3, 1958) is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University. [4] Mankiw is best known in academia for his work on New Keynesian economics. [5] Mankiw has written widely on economics and economic policy.
Lance Jerome Taylor (May 25, 1940 to August 15, 2022) was an American economist who was known for his contributions to structuralist macroeconomics. [2] He was the Arnhold Professor of International Cooperation and Development and director of the Center for Economic Policy Analysis at the New School for Social Research.