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Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies. Macroeconomists study topics such as output/GDP and national income, unemployment, price indices and inflation, consumption, saving, investment, energy, international trade, and international finance.
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics.
This aims to be a complete article list of economics topics:
Ricardo A. M. R. Reis is a Portuguese economist and the A. W. Phillips professor of economics at the London School of Economics. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles, and for these he won the 2021 Yrjö Jahnsson Foundation medal awarded every two years by the European Economic Association for best economist under the age of 45. He writes a weekly op-ed for the Portuguese newspaper Expresso.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
The wealth elasticity of demand, in microeconomics and macroeconomics, is the proportional change in the consumption of a good relative to a change in consumers' wealth. Measuring and accounting for the variability in this elasticity is a continuing problem in behavioral finance and consumer theory.
The permanent income hypothesis (PIH) is a model in the field of economics to explain the formation of consumption patterns. It suggests consumption patterns are formed from future expectations and consumption smoothing. The theory was developed by Milton Friedman and published in his A Theory of the Consumption Function, published in 1957 and subsequently formalized by Robert Hall in a rational expectations model. Originally applied to consumption and income, the process of future expectations is thought to influence other phenomena. In its simplest form, the hypothesis states changes in permanent income, rather than changes in temporary income, are what drive changes in consumption.
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a minority of economists.
Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.
The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) with neoclassical economics.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.
Jordi Galí is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is currently the director of the Centre de Recerca en Economia Internacional at Universitat Pompeu Fabra and a Research Professor at the Barcelona Graduate School of Economics. After obtaining his doctorate from MIT in 1989 under the supervision of Olivier Blanchard, he held faculty positions at Columbia University and New York University before moving to Barcelona.
The following outline is provided as an overview of and topical guide to economics:
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
In economic theory and econometrics, the term heterogeneity refers to differences across the units being studied. For example, a macroeconomic model in which consumers are assumed to differ from one another is said to have heterogeneous agents.
The Wallace neutrality, is an economics proposition asserting that in certain environment, holding fiscal policy constant, alternative paths of the government financial policies have no effect on the sequences for the price level and for real allocations in the economy. The proposition rests upon a no arbitrage argument similar to that of the Modigliani–Miller theorem. Policy implication is that, whenever Wallace neutrality applies, conventional open-market purchases of securities by the central bank won't be an effective monetary policy.
Angela Redish is a professor of economics at the Vancouver School of Economics at the University of British Columbia and the acting President of the Canadian Economics Association. From 2001 to 2006, Redish served as the Head of Department of Economics at the University of British Columbia and was awarded The President's Medal of Excellence by the University of British Columbia in 2018 for her contributions towards establishing the Vancouver School of Economics.
Benjamin Moll is a German macroeconomist who is the Sir John Hicks Chair in Economics and Professor of Economics at the London School of Economics. He is the recipient of the 2017 Bernacer Prize for his "path-breaking contributions to incorporate consumer and firm heterogeneity into macroeconomic models and use such models to study rich interactions between inequality and the macroeconomy".
Greg Kaplan is the Alvin H. Baum Professor of Economics at the University of Chicago. His research encompasses macroeconomics, labor economics and applied microeconomics, with a focus on distributional issues.
References
- ↑ "Gianluca Violante". Giovanni L. (Gianluca) Violante. Retrieved 2024-07-03.
- ↑ "The winners of the 2019 Central Banking Awards". Central Banking. 2019-02-12. Retrieved 2020-07-14.
- ↑ "Gianluca Violante". Institute for Fiscal Studies. Retrieved 2024-07-03.
- ↑ "Violante CV" (PDF). Archived (PDF) from the original on 2020-07-17.
- ↑ "2016 Election of Fellows | The Econometric Society". www.econometricsociety.org. Archived from the original on 2021-05-17. Retrieved 2021-05-17.
- ↑ "The winners of the 2019 Central Banking Awards". Central Banking. 2019-02-12. Retrieved 2021-05-17.
- ↑ "Wealthy hand-to-mouth" (PDF). Archived (PDF) from the original on 2020-07-15.
- ↑ "Understanding Heterogeneous Agent New Keynesian Models: Insights from a PRANK". Liberty Street Economics. 2020-02-24. Retrieved 2024-07-03.
- ↑ Alves, Felipe; Kaplan, Greg; Moll, Benjamin; Violante, Giovanni L. (2020-12-01). "A Further Look at the Propagation of Monetary Policy Shocks in HANK". Journal of Money, Credit and Banking. 52 (S2): 521–559. doi:10.1111/jmcb.12761. ISSN 0022-2879.
