報告簡介：New Keynesian Economics that rely on the DSGE technology and form the mainstream of current macroeconomics have been criticized as being hopelessly inadequate for dealing with financial crises of the type that we have seen in recent years. More generally, they are seen as fundamentally incapable of dealing with failures of the intertemporal price mechanism to coordinate investment and saving. However, the 'financial frictions' literature has made considerable progress in using DSGE frameworks for modelling (shadow) banking, credit cycles and financial crises. This paper provides an assessment of what has been achieved by the reformulations of the DSGE approach and what inadequacies remain in the light of the approaches of Keynes, Fisher, Minsky and present-day critics of DSGE.

 

報告人簡介：Hans-Michael Trautwein is Professor of International Economics at the Carl von Ossietzky University of Oldenburg in Germany. He has recently served as Director of the Centre of Transnational Studies (ZenTra) of the Universities of Bremen and Oldenburg, and as President of the European Society for the History of Economic Thought (ESHET). Trautwein´s research interests comprise studies of international integration and transnational governance, and the evolution of macroeconomic thinking. Trautwein has published widely in international journals and collected volumes.