by I am now returning to my work on recession analysis, covering the background research that will make its way into the second volume of recessions. I have more work to do on nonlinear DSGE models, but my argument is that they are not inherently that interesting, given their mathematical intractability. Yes, you can tell stories with them -- but so what? I can tell stories any number of ways, all of them more interesting.Rather than chase after hundreds of papers that I think are uninteresting and will be rapidly made obsolete by the ongoing wave of research, I would rather focus on a niche area that I think is interesting. Roger E. Farmer has been publishing models for some time that fit within the broad neoclassical tradition, yet have some similarities to post-Keynesian thinking. The
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I am now returning to my work on recession analysis, covering the background research that will make its way into the second volume of recessions. I have more work to do on nonlinear DSGE models, but my argument is that they are not inherently that interesting, given their mathematical intractability. Yes, you can tell stories with them -- but so what? I can tell stories any number of ways, all of them more interesting.Rather than chase after hundreds of papers that I think are uninteresting and will be rapidly made obsolete by the ongoing wave of research, I would rather focus on a niche area that I think is interesting. Roger E. Farmer has been publishing models for some time that fit within the broad neoclassical tradition, yet have some similarities to post-Keynesian thinking. The book Prosperity for All (Amazon affiliate link) gives a readable introduction to his work.
The book by itself is interesting for heterodox readers in that it discusses the strengths and weaknesses of the DSGE methodology from an insider perspective. A lot of heterodox critiques are based on literary criticisms that were essentially developed decades ago….