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PROSPERITY FOR ALL: AN ASSESSMENT OF THE “FARMERIAN” REMEDIES TO PREVENT FINANCIAL CRISES AND REDUCE UNEMPLOYMENT

  • Marco Guerrazzi (a1)
Extract

In a recent book, Roger Farmer offers a quick but exhaustive rundown of the research agenda that he drove forward over the last 10 years with the aim to offer a novel microfoundation for Keynesian macroeconomics and—as a by-product—providing practical remedies to prevent financial crises, reduce unemployment, and ensure prosperity for all. In that work, the Farmerian arguments question the conventional visions underlying the Neo-Classical and New Keynesian paradigms and the addressed topics cover relevant theoretical, empirical, and policy issues that have been widely debated after the Great Recession of 2007–2009.

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Corresponding author
Address correspondence to: Marco Guerrazzi, Department of Economics – DIEC, University of Genoa, via F. Vivaldi n. 5, 16126 Genoa, Italy; e-mail: guerrazzi@economia.unige.it.
References
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Barro R.J. (1990) The stock market and investment. Review of Fiscal Studies 3 (1), 115131.
Beyer A. and Farmer R.E.A. (2008) What we don't know about the monetary transmission mechanism and why we don't know it. Macroeconomic Dynamics 12 (S1), 6074.
Fama E.P. (1981) Stock returns, real activity, inflation, and money. American Economic Review 71 (4), 545565.
Farmer R.E.A. (2016) The evolution of endogenous business cycles. Macroeconomic Dynamics 20 (2), 544557.
Farmer R.E.A. and Plotnikov D. (2012) Does fiscal policy matter? Blinder and solow revisited. Macroeconomic Dynamics 16 (S1), 149166.
Guerrazzi M. (2012) Expectations, employment and prices: A suggested interpretation of the new “Farmerian” economics. Economia Politica 28 (3), 369395.
Guerrazzi M. (2015) Animal spirits, investments and unemployment: An old Keynesian view of the great recession. EconomiA 16 (3), 343358.
Guerrazzi M. and Gelain P. (2015) A demand-driven search model with self-fulfilling expectations: The new ‘Farmerian’ framework under scrutiny. International Review of Applied Economics 29 (1), 81104.
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Macroeconomic Dynamics
  • ISSN: 1365-1005
  • EISSN: 1469-8056
  • URL: /core/journals/macroeconomic-dynamics
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