The Capitalism and Freedom in the Twenty-First Century Podcast cover image

Greg Mankiw (Harvard Econ Prof) on New Keynesian Macro, Growth and Econ Policy

The Capitalism and Freedom in the Twenty-First Century Podcast

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The Evolution of Macroeconomic Modeling

This chapter explores the development and challenges of New Keynesian DSGE models in macroeconomics, contrasting them with simpler, empirical alternatives like vector autoregressions. It discusses the complexities of economic growth and the limitations of existing growth theories, particularly in addressing disparities between nations. Further, it reflects on personal experiences in policy-making, emphasizing the intricate nature of economic regulation and the impact of historical decisions on financial stability.

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