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Using the general equilibrium growth model to study great depressions a rejoinder to Kehoe and Prescott by Peter Temin

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Published by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA .
Written in English


Book details:

About the Edition

The reply by Kehoe and Prescott restates their position but does not answer the criticism made in my review of their book (Temin 2008). I argued that the general equilibrium model of economic growth to study income fluctuations does not lead to a useful research program; the use of closed-economy models to understand the world problems of the 1930s and the Latin-American problems of the 1980s is not helpful; and the authors using Kehoe and Prescott"s recommended approach do not use data with the care standard in other branches of economics. I stand by those criticisms. Keywords: Depressions, economic fluctuations, general equilibrium models. JEL Classifications: E32, N10.

Edition Notes

Statement[by] Peter Temin
SeriesWorking paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 09-04, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 09-04.
ContributionsMassachusetts Institute of Technology. Dept. of Economics
The Physical Object
Pagination7 leaves ;
ID Numbers
Open LibraryOL24647125M
OCLC/WorldCa671914479

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Request PDF | Using the general equilibrium growth model to study great depressions: a reply to Temin | Three of the arguments made by Temin () in his review of Great Depressions of the. Using the General Equilibrium Growth Model to Study Great Depressions: A Rejoinder to Kehoe and Prescott Article in SSRN Electronic Journal February with 59 Reads How we measure 'reads'. Febru DSpace @ MIT Using the general equilibrium growth model to study great depressions: a rejoinder to Kehoe and PrescottCited by: 2. CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): The reply by Kehoe and Prescott restates their position but does not answer the criticism made in my review of their book (Temin ). I argued that the general equilibrium model of economic growth to study income fluctuations does not lead to a useful research program; the use of closed-economy models to understand.

Abstract. Three of the arguments made by Temin () in his review of Great Depressions of the Twentieth Century are demonstrably wrong: that the treatment of the data in the volume is cursory; that the definition of great depressions is too general and, in particular, groups slow growth experiences in Latin America in the s with far more severe great depressions in Europe in the s. The reply by Kehoe and Prescott restates their position but does not answer the criticism made in my review of their book (Temin ). I argued that the general equilibrium model of economic growth to study income fluctuations does not lead to a useful research program; the use of closed-economy models to understand the world problems of the Author: Peter Temin and A Rejoinder To Kehoe. Using the general equilibrium growth model to study great depressions: a reply to Temin that the definition of great depressions is too general and, in particular, groups slow growth experiences in Latin America in the s with far more severe great depressions in Europe in the s; and that the book is an advertisement for the real Author: Timothy J. Kehoe and Edward C. Prescott.   Abstract. This chapter provides a quantitative study of the main determinants of the Greek great depression since The authors use a medium-scale DSGE model calibrated to the Greek economy between and (the euphoria years that followed the adoption of the euro).

Using the general equilibrium growth model to study great depressions: a reply to Temin. Timothy J. Kehoe & Edward C. Prescott, "Using the general equilibrium growth model to study great depressions: a reply to Temin," Staff Report , Federal Reserve Bank of Minneapolis. Handle: RePEc:fip:fedmsr Using the General Equilibrium Growth Model to Study Great Depressions: A Rejoinder to Kehoe and Prescott Kehoe and Prescott () express their unhappiness with my review (Temin, ) of their book (Kehoe and Prescott, ). I understand their unhappiness; no one likes a bad review. They score a couple of cheap shots off me (“Mexico is in. The recovery from the Great Depression was spurred largely by the abandonment of the gold standard and the ensuing monetary expansion. The Great Depression brought about fundamental changes in economic institutions, macroeconomic policy, and economic theory. Timing and severity In the United States, the Great Depression began in the summer of