Macroeconomic Theory Fluctuations, Inflation and Growth in Closed an
Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such fac
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Macroeconomic Theory Fluctuations, Inflation and Growth in Closed and Open Economies
Macroeconomic Theory
Fernando de Holanda Barbosa
Macroeconomic Theory Fluctuations, Inflation and Growth in Closed and Open Economies
Fernando de Holanda Barbosa FGV EPGE Escola Brasileira de Economia e Finanças Rio de Janeiro, Brazil
ISBN 978-3-319-92131-0 ISBN 978-3-319-92132-7 https://doi.org/10.1007/978-3-319-92132-7
(eBook)
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“IT DOES REQUIRE MATURITY TO REALIZE THAT MODELS ARE TO BE USED BUT NOT TO BE BELIEVED” [Theil (1971), p.VI]. “THE PROOF OF THE PUDDING IS IN THE EATING.” “ANY POLICY-MAKER OR ADVISER WHO THINKS HE IS NOT USING A MODEL IS KIDDING BOTH HIMSELF AND US” [Tobin, James, quoted by Lombra and Moran (1980), p. 41]. “. . . IN THE DYNAMIC FIELD OF SCIENCE THE MOST IMPORTANT GOAL IS TO BE SEMINAL AND PATHBREAKING, TO LOOK FORWARD BOLDLY EVEN IF IMPERFECTLY” [Samuelson (1971), p X-XI]. “IT IS MUCH EASIER TO DEMONSTRATE TECHNICAL VIRTUOSITY THAN TO MAKE A CONTRIBUTION TO KNOWLEDGE. UNFORTUNATELY IT IS ALSO MUCH LESS USEFUL” [Summers (1991) p. 18].
“GENTLEMEN, IT IS A DISAGREEABLE CUSTOM TO WHICH ONE IS TO EASILY LED BY THE HARSHNESS OF THE DISCUSSIONS, TO ASSUME EVIL INTENTIONS. IT IS NECESSARY TO BE GRACIOUS AS TO INTENTIONS; ONE SHOULD BELIEVE THEM GOOD, AND APPARENTLY THEY ARE; BUT WE DO NOT HAVE TO BE GRACIOUS AT ALL TO INCONSISTENT LOGIC OR TO ABSURD REASONING. BAD LOGICIANS HAVE COMMITTED MORE INVOLUNTARY CRIMES THAN BAD MEN HAVE DONE INTENTIONALLY” [Pierre S. du Pont, quoted in Friedman (1994), p. 265].
Preface
This book grew
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