3. The Smets-Wouters (2007) model is considered the best of a bad bunch, the dwarf among pygmies. Smets-Wouters, 2007 is generally considered the most accurate general model of the economy in ...

The field of economic models and forecasting encompasses the development and application of theoretical, empirical and computational frameworks to predict future economic outcomes. These models range ...

Léon Walras (1874) had already realised that his neo-classical general equilibrium model could not accommodate autonomous investments. In the early 1960s, Amartya Sen analysed the same issue in a ...

Many standard economic models assume people make perfectly rational, individual decisions. But new research suggests economic phenomena like inequality and business cycles are better explained by ...

The American Economic Review is a general-interest economics journal. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in the economics profession and is ...

A number of economists have recently been debating what is wrong with macroeconomic modelling today. The University of Chicago's John Cochrane, Oxford’s Simon Wren-Lewis, Berkeley’s Brad DeLong, and ...