Should the Dynamic Stochastic General Equilibrium (DSGE) Model be taught to Undergraduate Students of Economics?
DOI:
https://doi.org/10.54104/papeles.v10n19.627Keywords:
DSGE models, undergraduate macroeconomics, economic policy, modern macroeconomicsAbstract
In this article we present the consequences of introducing the advanced teaching of the DSGE (Dynamic Stochastic General Equilibrium) models to undergraduate economics programs. This monoculture leads to the deepening of the discipline insularity, to the disappearance of the paradigmatic plurality inside the economics departments and to the silencing of critical voices. This process obeys Gresham’s Law of ideas: bad models displace good ideas.
Downloads
References
(1) Barro, R. (1986). Macroeconomía. México: Interamericana.
(2) Blanchard, O. (2017). Do DSGE models have a future? In Refet S. Gürkaynak and Cédric Tille (Ed). DSGE Models in the conduct of policy. London: CEPR Press.
(3) Costa, C. J. (2016). Understanding DSGE models. Theory and Applications. Malaga: Vernon Press.
(4) Flaschel, P. (2009). The Macrodynamics of Capitalism. Elements for a Synthesis of Marx, Keynes and Schumpeter. Germany: Springer.
(5) Kundera, M. (1981). Jacques y su Amo. Homenaje a Denis Diderot. Madrid: Tusquets Editores.
(6) Haldane, A. & Turrel, E. A. (2017). An interdisciplinary model for macroeconomics. Staff Working Papers, 6(96). London: Bank of England.
(7) Palley, T. (1997). The Academic Jungle: social practice and the survival of economic ideas. Review of Radical Political Economy, 29(3), 22-33.
(8) Rogers, C. (2008). Money as Friction: Conceptual Dissonance in Woodford’s Interest and price. Research Paper, 2008(3).
(9)Rovelli, C. (1999). Quantum spacetime: what do we know’. Marseille. France: Centre de Physique Theorique de Luminy. Setterfield, M. (2018). Maybe you can, but perhaps you shouldn’t!. Saving undergraduate macroeconomics from DSGE modeling. The Journal of Economic Education, 49(3), 237-241.
(10) Smolin, L. (2001). Three roads to Quantum Gravity. New York: Basic Books.
(11) Smolin, L. (2006). Las Dudas de la física en el siglo XXI. ¿Es la teoría de cuerdas un callejón sin salida? Barcelona: Crítica. Solis-Garcia, M. (2018). Yes we can!. Teaching DSGE models to undergraduate students. The Journal of Economic Education, 49(3), 226-236.
(12) Torres, J. L. (2014). Introduction to Dynamic Macroeconomic General Equilibrium Models. Málaga: Vernon Press.
(13) Veneziani, R. & Luca, Z. (2018). Analitycal Political Economy. New Delhi, India: Wiley Blackwell.
(14) Williamson, S. (2008). Macroeconomics. New York: Pearson Addison Wesley.
Downloads
Published
-
Abstract201
-
PDF (Español (España))118
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
