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Journals / Finans Politik ve Ekonomik Yorumlar Dergisi / 2010 / Cilt: 47 - Sayı: 545

From Consensus to Divergence: Is Current Crisis, Crisis for Macroeconomics?

Uzlaşmadan Ayrılığa: Küresel Finansal Kriz Makro İktisadın Krizi (Mi)?

METİN ÖZDEMİR
Pages
19–26
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The aim of this paper is to argue the extent to which such a consensus among macroeconomists is to seem a divergence especially regarding policies which is implemented after crisis and whether the current financial crisis is to mean a crisis for macroeconomics

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Since the beginning of 2000’s, there has been a disinflation and growth period in the world economy which is known as the “Great Moderation”.
📊
Key Findings & Data:However, there are some contentions that the crisis in 2007–08 has shown that the policy model based on New Neoclassical Synthesis-DSGE models and the consensus in macroeconomics is broken.
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Conclusion & Impact:The aim of this paper is to argue the extent to which such a consensus among macroeconomists is to seem a divergence especially regarding policies which is implemented after crisis and whether the current financial crisis is to mean a crisis for macroeconomics
🔬Design:Modeling & Simulation
📍Scope:2000 Verileri
⚙️Variables:Domain Parameters

Abstract

Since the beginning of 2000’s, there has been a disinflation and growth period in the world economy which is known as the “Great Moderation”. This period is ended with the current financial crisis. Great Moderation has reflected the methodological and policy consensus between New Classical/Real Business Cycle theory and New Keynesian Economics regarding the analyze of business cycles and the design of optimal policies around the New Neoclassical Synthesis-Dynamic Stochastic General Equilibrium (DSGE) models. However, there are some contentions that the crisis in 2007–08 has shown that the policy model based on New Neoclassical Synthesis-DSGE models and the consensus in macroeconomics is broken. The aim of this paper is to argue the extent to which such a consensus among macroeconomists is to seem a divergence especially regarding policies which is implemented after crisis and whether the current financial crisis is to mean a crisis for macroeconomics

Özet

Dünya ekonomisinde, 2000'li yılların başından itibaren yaşanan ve Great Moderation olarak anılan fiyat istikrarı ve büyüme sürecinin, küresel bir finansal kriz ile sonuçlandığı gözlenmiştir. Great Moderation dönemi, konjonktür dalgalanmalarının açıklanması ve optimal politikaların oluşturulmasında Yeni Klasik İktisat/Reel Konjonktür Teorisi çizgisiyle Yeni Keynesgil İktisat arasında hem metodolojik hem de politika uygulamaları itibariyle Yeni Neo-klasik Sentez-DSGE(Dinamik Stokastik Genel Denge) modelleri çerçevesinde bir uzlaşmayı simgelemektedir. Bununla birlikte, krizin ardından yapılan tartışmalar, Yeni Neo-klasik SentezDSGE modellerinin ve buna bağlı olarak iktisatçılar arasında varılan uzlaşmanın sorgulandığı bir içeriğe bürünmüştür. Bu bağlamda çalışma, Yeni Neo-klasik Sentez-DSGE modelleri etrafında varılan uzlaşmanın, krizin ardından hangi düzeyde bir ayrışmayı içerdiğini, krize yönelik politika uygulamaları itibariyle tartışmakta ve mevcut krizin aynı zamanda makro iktisadın da bir krizi olup olmadığını ele almaktadır

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Cite This Article

ÖZDEMİR, M. (2010). From Consensus to Divergence: Is Current Crisis, Crisis for Macroeconomics?. Finans Politik ve Ekonomik Yorumlar Dergisi, Cilt: 47 - Sayı: 545, 19–26. https://ajindex.com/articles/224141

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