Macroeconomic Modelling, Economic Policy and Methodology: Economics at the Edge (Routledge Frontiers of Political Economy) - Hardcover

Hardcover

ISBN 10: 1032182113 ISBN 13: 9781032182117

Publisher: Routledge, 2022

Synopsis

Demonstrating that there are (superior) alternatives to the modern macroeconomic mainstream and its DSGE (dynamic stochastic general equilibrium) models, this book presents the cutting edge in macroeconomic modelling, economic policy, and methodology from the perspective of heterodox economic thinking.

The first part of the book explores methodological issues, advocating for a stronger ethical consideration in macroeconomics and for the adoption of a strategy of pluralism to ensure that macroeconomic theory is capable of adapting to real-world issues. The second part highlights recent trends in empirical Stock-Flow Consistent models by collecting a group of the most well-developed empirical models of five different economies: the Danish, the Dutch, the French, the Italian, and the Argentinian models. In all five cases, the models are used to discuss various policy aspects of the individual economies. Finally, the book explores issues of macroeconomic policy which are largely neglected by mainstream economists including financial (in)stability and macro imbalances. The book emphasizes the need for investigating sectoral balances, which are crucial elements for investigating imbalances from the heterodox perspective.

This book will be of significant interest to students and scholars of macroeconomics, economic modelling, economic methodology and heterodox economics more broadly.

About this title

About the Author

Mikael Randrup Byrialsen is Associate Professor at the Aalborg University Business School, Denmark.

Hamid Raza is Associate Professor at the Aalborg University Business School, Denmark.

Finn Olesen is Professor at the Aalborg University Business School, Denmark.

Edition details

• Publisher: Routledge
• Publication date: 2022
• Language: English
• ISBN 10: 1032182113
• ISBN 13: 9781032182117
• Binding: Hardcover
• Edition number: 1
• Number of pages: 244
• Editor: Randrup Byrialsen Mikael, Raza Hamid, Olesen Finn