Greg Mankiw, a #Harvard Economics Professor, reflects on the evolution and current state of Dynamic Stochastic General Equilibrium (DSGE) models DSGE in macroeconomics, comparing them to the large, complex models of the past. He discusses the #skepticism that both #academic and practical #economists hold toward these models and why #macroeconomics continues to grapple with the challenge of creating truly realistic #economic models.
Tune into this week’s episode of Capitalism and Freedom in the 21st Century #CF21 as Mankiw also shares insights from his time in #Washington, observing the Former Chair of the #FederalReserve of the #UnitedStates, Alan Greenspan, and his cautious approach to macroeconomic modeling.
