NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Post Keynesian Dynamic Stochastic General Equilibrium Theory

Roger E.A. Farmer

NBER Working Paper No. 23109
Issued in January 2017
NBER Program(s):Economic Fluctuations and Growth, International Finance and Macroeconomics, Political Economy

This paper explains the connection between ideas developed in my recent books and papers and those of economists who self-identify as Post Keynesians. My own work is both neoclassical and ‘old Keynesian’. Much of my published work assumes that people have rational expectations and that ‘animal spirits’ should be modeled as a new fundamental. I adopt a general equilibrium framework to model the macroeconomy. But although I write from a neo-classical tradition the themes I explore in my published writing have much in common with heterodox economics. This paper explains the common elements between these seemingly disparate traditions. I make the case for unity between Post-Keynesian and General Equilibrium Theory under the banner of Post-Keynesian Dynamic Stochastic General Equilibrium Theory.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Access to NBER Papers

You are eligible for a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w23109

Published: Roger E.A. Farmer, 2017. "Post-Keynesian dynamic stochastic general equilibrium theory," European Journal of Economics and Economic Policies: Intervention, vol 14(2), pages 173-185.

Users who downloaded this paper also downloaded* these:
Shiller w23075 Narrative Economics
Korinek w23004 Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation
Autor, Dorn, Katz, Patterson, and Van Reenen w23108 Concentrating on the Fall of the Labor Share
Irwin w23037 The Missing Bretton Woods Debate over Flexible Exchange Rates
Eggertsson, Mehrotra, and Robbins w23093 A Model of Secular Stagnation: Theory and Quantitative Evaluation
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us