Keynesian economics

Publication date: 5 Jun 2019 | Publication type: NIESR Discussion Paper | Theme: Macroeconomics | Authors: Farmer, R | External authors: Nicolo, G | JEL classification: E3, E4, F0 | NIESR discussion paper number: 505
Farmer and Nicolò (2018) show that the Farmer Monetary (FM)-Model outperforms the three-equation New-Keynesian (NK)-model in post war U.S. data. In this paper, we compare the marginal data density of the FM-model with marginal data densities for determinate and indeterminate versions of the NK-...
Publication date: 29 Mar 2018 | Publication type: NIESR Discussion Paper | Theme: Macroeconomics | Authors: Farmer, R | JEL classification: E3, E4 | NIESR discussion paper number: 491
I review the contribution and influence of Milton Friedman’s 1968 presidential address to the American Economic Association. I argue that Friedman’s influence on the practice of central banking was profound and that his argument in favour of monetary rules was responsible for thirty years of low...