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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.

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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.

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