Contemporary economics is in troubled waters. This is true most of all for that particular area of the economic discourse labeled macroeconomics. Although in our days there exists a consolidated and celebrated mainstream framework known as Dynamic Stochastic General Equilibrium (DSGE) model (Blanchard, 2008; Woodford, 2008), its internal coherence and ability in explaining the empirical evidence are increasingly questioned from several quarters (Colander, 2006; Howitt et al., 2008; Juselius and Franchi, 2007), especially after the turmoil of the first global crises of the XXIst century has materialized almost unannounced and misconstrued (Driffill, 2008).
General Equilibrium Model Representative Agent Price Vector Neoclassical Economic Dynamic Stochastic General Equilibrium
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