The Austrian School of Economics and the Mainstream:

a proposal for a dialogue through the DSGE model

Authors

DOI:

https://doi.org/10.30800/mises.2020.v8.1188

Keywords:

Austrian Economics, mainstream, DSGE Model, rebulding macroecnomics

Abstract

After the 2008, crises in the academic world started to look for differents views that could explain and satisfy the general public about economics phenomena. The Rebulding Macroeconomics Project arises on this context, reuning mainstream economists who made some suggests to improve economics. On the other hand, it’s very important realize that some austrian economists – who predicted the financial crises – were left out or on the sideline of this debate. This paper, therefore, aims to point out the means to be explored by austrian economists for establishing open dialogue and seeking better insertion in the main economic debates, using as reference the project carried out by The Oxford Review nad the DSGE model.

Downloads

Download data is not yet available.

Metrics

Metrics Loading ...

References

ALMEIDA, Dayson Pereira Bezerra de. Impactos Econômicos e Fiscais da Atuação do Congresso Nacional: O Caso da Reforma Trabalhista à Luz de um Modelo DSGE. Publicado pela Secretaria do Tesouro Nacional em 28 de novembro de 2017. Disponível em: http://www.tesouro.fazenda.gov.br/premio/stn2017/#p=1. Acesso em: 07 abril 2019.

ANDRADA, Alexandre Flavio Silva. Um Estudo do Discurso Doutrinário de Robert E. Lucas Jr. Método e História das Ideias acerca das Análises de Ciclos Econômicos. Anais do XLI Encontro Nacional de Economia. Anpec realizada entre os dias 10 e 13 de dezembro de 2013. Disponível em: https://www.anpec.org.br/encontro/2013/files_I/i184d94940afb957fc02472119c424f90.pdf. Acesso em: 07 abril 2019.

BAO, Yun Catherine; LIM, Guay; LI, Shuyun. A Small Open Economy DSGE Model with a Housing Sector. Conference of Economists. Melbourne, 28 e 30 de Setembro 2009. Disponível em: https://editorialexpress.com/cgiin/conference/download.cgi?db_name=ACE09&paper_id=167. Acesso em: 07 abril 2019.

BASSE, Tobias. An Austrian Version of the Lucas Critique. The Quarterly Journal of Austrian Economics, v. 9, n. 1, 2006. DOI: https://doi.org/10.1007/s12113-006-1001-5

BELIVÁQUIA, Giovanni Silva. Um Modelo DSGE Para Análise de Desigualdade de Renda. Tese de Doutorado apresentada à Universidade de Brasília. Brasília, 2017. Disponível em: http://repositorio.unb.br/handle/10482/25227. Acesso em: 07 abril 2019.

BLANCHARD, Olivier. The State of Macro. National Bureau of Economic Research. Annual Review of Economics. California, setembro de 2009. Disponível em: https://www.annualreviews.org/toc/economics/1/1.Acesso em: 07 abril 2019. DOI: https://doi.org/10.1146/annurev.economics.050708.142952

BLOCK, Walter. Who Predicted the Housing Bubble?. Lewrockwell, 2010. Disponível em: http://www.ronpaulcurriculum.com/members/BlockHousingBubble.pdf. Acesso em: 07 abril 2019.

BOETTKE, Peter; LEESON, Peter. The Austrian School of Economics: 1950-2000. Blackwell Companion to the History of Economic Thought, 2002. Disponível em: https://pdfs.semanticscholar.org/583a/4bea0c39fdebf9572268d0211824396b874e.pdf. Acesso em: 07 abril 2019.

BÖHM-BAWERK, Eugene Von. Teoria positiva do capital. São Paulo: Nova Cultural, 1986.

BORIO, Claudio. The financial cycle and macroeconomics: What have we learnt? Monetary and Economic Department do Bank for Internacional Settlements, 2012. Disponível em: https://www.bis.org/publ/work395.pdf. Acesso em: 07 abril 2019.

BORIO, Claudio; WHITE, William. Whither monetary and financial stability? The implications of evolving policy regimes. Monetary and Economic Department do Bank for Internacional Settlements, 2004. Disponível em: https://www.bis.org/publ/work147.pdf. Acesso em: 07 abril 2019. DOI: https://doi.org/10.2139/ssrn.901387

CALVO, Guillermo. Puzzling Over the Anatomy of Crises: Liquidity and the veil of finance. Monetary and Economic Studies, 2013. Disponível em: http://www.imes.boj.or.jp/research/papers/english/me31-4.pdf. Acesso em: 07 abril 2019.

CABALLERO, Ricardo. Macroeconomics After the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome. Journal of Economic Perspectives, v. 24, n. 4, 2010. DOI: https://doi.org/10.1257/jep.24.4.85

CHRISTIANO, Lawrence; TRABANDT, Mathias; WALENTIN, Karl. DSGE Models for Monetary Policy Analysis. In: FRIEDMAN, Benjamin; WOODFORD, Michael (eds.). Handbook of Monetary Economics, v. 3A, 2011. DOI: https://doi.org/10.3386/w16074

EDGE, Rochelle; KILEY, Michael; LAFORTE, Jean-Philippe. A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts. Simple Reduced-Form Models, and a DSGE Model. Federal Reserve Board, 2009. Disponível em: https://www.federalreserve.gov/pubs/feds/2009/200910/200910pap.pdf. Acesso em: 07 abril 2019. DOI: https://doi.org/10.17016/FEDS.2009.10

FAGIOLO, Giorgio; ROVENTINI, Andrea. Macroeconomic Policy in DSGE and Agent-Based Models. Revue de l’OFCE, v. 5, n. 124, 2012. DOI: https://doi.org/10.3917/reof.124.0067

GARRISON, Roger. Mainstream Macro in na Austrian Nutshell. Foudation for Economic Education, 2009. Disponível em: https://fee.org/articles/mainstream-macro-in-an-austrian-nutshell/. Acesso em: 07 abril 2019.

GHIRONI, Fabio. Macro needs Micro. Oxford Review of Economic Policy, v. 34, n. 1–2, 2018. DOI: https://doi.org/10.1093/oxrep/grx050

GRAUWE, Paul De. DSGE-Modelling: When Agents are Imperfectly Informed. ECB Working Paper, n. 897, 2008.

HAAN, Wouter Den; JUDD, Kenneth; JUILLARD, Michael. Computational suite of models with heterogeneous agents II: Multi-country real business cycle models. Journal of Economic Dynamics and Control, v. 35, Issue 2, February, 2011. DOI: https://doi.org/10.1016/j.jedc.2010.09.010

HALDANE, Andrew; TURELL, Arthur. An interdisciplinary model for macroeconomics. Oxford Review of Economic Policy, v 34, n. 1–2, 2018. DOI: https://doi.org/10.1093/oxrep/grx051

IORIO, Ubiratan Jorge. Ação, tempo e conhecimento: A Escola Austríaca de economia. São Paulo: Instituto Ludwig von Mises Brasil, 2010.

HAGEDORN, Hendrik. A Model of Austrian Economics. Springer Gabler, 2015. Disponível em: https://www. researchgate.net/publication/283470191_A_model_of_Austrian_economics. Acesso em: 07 abril 2019. DOI: https://doi.org/10.1007/978-3-658-07077-9

HAYEK, Friedrich. Prices and Production and Other Works. Alabama: Ludwig von Mises Institute, 2008.

HAYEK, Friedrich. The Pure Theory of Capital. Londres: Routledge & Kegan Paul LTD., 1950.

HAYEK, Friedrich August. The use of knowledge in society. The American economic review, v. 35, n. 4, 1945.

JUNIOR, Celso Pereira Neris. Microfundamentos da Macroeconomia: Uma perspectiva metodológica. Tese de Doutorado apresentada à Universidade Estadual de Campinas, Campinas, 2017. Disponível em: http://repositorio.unicamp.br/bitstream/REPOSIP/330325/1/NerisJunior_CelsoPereira_D.pdf. Acesso em: 07 abril 2019.

HUNTLEY, Jonathan.; MILLER, Eric. Using DSGE Models. Congressional Budget Office, 2009. Disponível em: https://www.cbo.gov/sites/default/files/111th-congress-2009-2010/workingpaper/09-2009-using_dsge_models_0.pdf. Acesso em: 07 abril 2019.

KRUGMAN, Paul. Things that never happened in the history of macroeconomics. New York Times, Nova Iorque, 2011. Disponível em: https://krugman.blogs.nytimes.com/2011/12/05/things-that-never-happened-inthe-history-of-macroeconomics/. Acesso em: 07 abril 2019.

LIMA, Telma; MIOTO, Regina. Procedimentos metodológicos na construção do conhecimento científico: a pesquisa bibliográfica. Revista Katálysis, v. 10, n. 1, 2007. DOI: https://doi.org/10.1590/S1414-49802007000300004

LINDÉ, Jesper. DSGE Models: still useful in policy analisys?. Oxford Review of Economic Policy, v. 34, n. 1–2, 2018. DOI: https://doi.org/10.1093/oxrep/grx058

LUCAS, Robert. ECONOMETRIC POLICY EVALUATION: A CRITIQUE. Carnegie-Rochester conference series on public policy, v. 1, 1976. DOI: https://doi.org/10.1016/S0167-2231(76)80005-X

MASSARO, Domenico. Heterogeneous Expectations in Monetary DSGE Models. CeNDF Universidade de Amsterdan, 2012. Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2033208. Acesso em: 07 DOI: https://doi.org/10.2139/ssrn.2033208

abril 2019.

MISES, Ludwig von. Ação Humana. Campinas: Vide Editorial, 2015.

MISES, Ludwig von. Os Fundamentos Últimos da Ciência Econômica. Campinas: Vide Editorial, 2017.

MISES, Ludwig von. O Livre Mercado e Seus Inimigos. Campinas: Vide Editorial, 2017.

MISES, Ludwig von. Theory of Money and Credit. Indianapolis: Liberty Fund. 1992.

RAVIER, Adrian; LEWIN, Peter. The Subprime Crisis. The Quarterly Journal of Austrian Economics, v. 15, n. 1, 2012.

TEMPELMAN, Jerry. Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist. The Quartely Journal of Austrian Economics, v. 13, n. 1, 2010.

TORRES, Cristian Andres Cruz. Modelos Dinâmicos Estocásticos de Equilíbrio Geral com Choques Heterocedásticos. Tese de Doutorado apresentada à Universidade Federal do Rio de Janeiro. Rio de Janeiro,

Disponível: http://www.pg.im.ufrj.br/teses/Estatistica/Doutorado/029.pdf. Acesso em: 07 abril 2019.

VALENTE, Fernanda Cristina. Previsões com Modelos DSGE-VAR: Uma Aplicação Para o Brasil. Dissertação de Mestrado apresentada à Universidade Federal de Santa Catarina. Florianópolis, 2018. Disponível em: https://repositorio.ufsc.br/bitstream/handle/123456789/189918/PCNM0314-D.pdf?sequence=-1. Acessado em: 07 abril 2019.

VINES, David; WILLS, Samuel. The rebuilding macroeconomic theory project: an analytical assessment. Oxford Review of Economic Policy, v. 34, n. 1–2, 2018. DOI: https://doi.org/10.1093/oxrep/grx062

VEETIL, Vipin; WHITE, Lawrence. Toward a New Austrian Macroeconomics. The Review of Austrian Economics, v. 30, n. 1, 2017. DOI: https://doi.org/10.1007/s11138-016-0354-z

WHITE, Lawrence. Hayek and Contemporary Macroeconomics. George Mason University Department of Economics. Working Paper, n. 1505, 2016. DOI: https://doi.org/10.1108/S1529-213420160000021010

Published

2019-11-29

How to Cite

1.
Bernardo MP. The Austrian School of Economics and the Mainstream: : a proposal for a dialogue through the DSGE model. MisesJournal [Internet]. 2019 Nov. 29 [cited 2024 Nov. 22];8. Available from: https://misesjournal.org.br/misesjournal/article/view/1188

Issue

Section

Original Research Articles