Macroeconomic Modelling, Economic Policy and Methodology: Economics at the Edge

This book provides an alternative perspective to mainstream macroeconomic modelling and emphasizes the need for a stronger ethical consideration and pluralism in macroeconomic theory. It highlights recent trends in empirical Stock-Flow Consistent models and explores issues of macroeconomic policy, including financial instability and macro imbalances, from a heterodox perspective. It is of interest to students and scholars of macroeconomics, economic modelling, economic methodology, and heterodox economics.

Format: Hardback
Length: 244 pages
Publication date: 27 October 2022
Publisher: Taylor & Francis Ltd

Demonstrating that there are (superior) alternatives to the modern macroeconomic mainstream and its DSGE (dynamic stochastic general equilibrium) models, this comprehensive volume presents the cutting edge in macroeconomic modelling, economic policy, and methodology from the perspective of heterodox economic thinking. The first part of the book delves into methodological issues, advocating for a stronger ethical consideration in macroeconomics and for the adoption of a pluralistic strategy to ensure that macroeconomic theory can effectively adapt to real-world challenges. The second part showcases recent trends in empirical Stock-Flow Consistent models by collecting a diverse range of the most well-developed empirical models from five different economies: the Danish, Dutch, French, Italian, and Argentinian models. In each case, the models are employed to discuss various policy aspects of the individual economies. Finally, the book explores issues of macroeconomic policy that are largely neglected by mainstream economists, including financial instability and macro imbalances. The book emphasizes the importance of investigating sectoral balances, which are crucial elements for examining imbalances from a heterodox perspective.

This book is a valuable resource for students and scholars of macroeconomics, economic modelling, economic methodology, and heterodox economics, offering a comprehensive and insightful exploration of the field. Its multidisciplinary approach and interdisciplinary insights make it an essential read for anyone seeking to understand the complexities of modern economics and explore alternative perspectives.

Weight: 630g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032182117