IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/20114.html
   My bibliography  Save this article

La crisi della macroeconomia

Author

Listed:
  • Terenzio Cozzi

    (Università degli Studi di Torino)

Abstract

The DSGE models are based on hypotheses that have the effect of excluding the possibility of severe financial and economic crises with the consequent policy implications going in the laissez-faire direction. The hypothesized unique and stable equilibrium in combination with rational expectations allow the conclusion that a built-in process of quick self-regulation operates in the economic system. The assumptions of a unique representative agent and of the efficiency of financial markets (when they are considered in the model) exclude any possibility of agents too much indebted, of bank failures, of liquidity and credit crunch crises. A single model cannot give an adequate explanation of the alternation of paths of substantial equilibrium and of strong disequilibrium. Hence the paper ends with the proposal to utilize a number of sub-models each one of them entering in function when some parameters come to assume certain values and being discarded, in favour of a different sub-model, when the parameters assume other values.

Suggested Citation

  • Terenzio Cozzi, 2011. "La crisi della macroeconomia," Moneta e Credito, Economia civile, vol. 64(253), pages 31-44.
  • Handle: RePEc:psl:moneta:2011:4
    as

    Download full text from publisher

    File URL: http://scistat.cilea.it/index.php/MonetaeCredito/article/view/318/173
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Carlo D'Ippoliti, 2011. "Introduzione: la crisi economica e della scienza economica," Moneta e Credito, Economia civile, vol. 64(254), pages 95-104.
    2. Carlo D'Ippoliti, 2011. "Introduction: the crisis of economies and economics," PSL Quarterly Review, Economia civile, vol. 64(257), pages 95-103.
    3. Alessandro Roncaglia, 2011. "Macroeconomics in crisis and macroeconomics in recovery," PSL Quarterly Review, Economia civile, vol. 64(257), pages 167-185.
    4. Passarella, Marco, 2011. "From the village fair to Wall Street. The Italian reception of Minsky’s economic thought," MPRA Paper 49593, University Library of Munich, Germany.
    5. Roberto Marchionatti, 2023. "Terenzio Cozzi, 1939-2022. Ricordo di "un uomo di Cambridge" (Terenzio Cozzi, 1939-2022. Paying tribute to a "Cambridge Man")," Moneta e Credito, Economia civile, vol. 76(302), pages 169-178.

    More about this item

    Keywords

    macroeconomic equilibrium; representative agent; financial markets;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2011:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.