Flailing @NZTreasury hired @ProfSteveKeen despite 15(?) years of erroneous forecasts of an Oz recession. First home grants warded of a minsky recession for 10 years!


Operations Research and The Revolution in Aggregate Economics Edward Prescott

Scott Freeman on banks and deposit insurance


How neoclassical are New Keynesian dynamic stochastic general equilibrium models?

In sum, New Keynesian models are most certainly not reincarnations of textbook IS–LM models with maximization added on. Rather, they are real business cycle models augmented with a few distortions—typically sticky prices and monopoly power—and shocks that do little to contribute to fluctuations or influence the nature of optimal policy

From Kehoe, Patrick J., Virgiliu Midrigan, and Elena Pastorino. 2018. “Evolution of Modern Business Cycle Models: Accounting for the Great Recession.” Journal of Economic Perspectives, 32 (3): 141-66.