Nature of an economy

Axel Leijonhufvud, 04 February 2011

The financial crisis and the ensuing recession have prompted reappraisals of the state of macroeconomic theory. CEPR Policy Insight No 53 argues that we have to think of an economy as an “open system” in the ontological sense and adapt out methods to the nature of an economy – to change how we do economics.

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"Nature of an economy", CEPR Policy Insight No 53, can be downloaded free of charge from the CEPR website at http://www.cepr.org/pubs/PolicyInsights/PolicyInsight53.pdf.

URL:  http://www.cepr.org/pubs/PolicyInsights/PolicyInsight53.pdf.

Topics:  Frontiers of economic research Macroeconomic policy Monetary policy

Tags:  DSGE models, macroeconomics, rational expectations

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