Autore
Guerrazzi, Marco

Titolo
Expectations, Employment and Prices: A Suggested Interpretation of the New "Farmerian" Economics
Periodico
Politica economica
Anno: 2012 - Fascicolo: 3 - Pagina iniziale: 369

This paper aims at providing a critical assessment of the New «Farmerian» economics, i.e., Farmer's attempt to provide a fresh micro-foundation of the General Theory grounded on modern search and business cycle theories with the goal of offering a rationale for finance-induced recessions. Specifically, I develop a model that summarizes the main arguments of the suggested approach by showing that a special importance has to be paid to the search mechanism, the choice of units and «animal spirits» modelling. Thereafter, referring to recent computational experiments, I discuss some possible empirical implications of the resulting framework. Finally, I put forward the lines for new theoretical and empirical developments by sketching the policy implications towards which the new Farmerian economics might lead.



SICI: 1120-9496(2012)3<369:EEAPAS>2.0.ZU;2-N
Testo completo: http://www.mulino.it/download/article/10.1429/74179
Testo completo alternativo: http://www.mulino.it/doi/10.1429/74179

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