Tag Archives: Sumner Critique

Yellen is transforming the US economy into her favourite textbook model

When you read the standard macroeconomic textbook you will be introduced to different macroeconomic models and the characteristics of these models are often described as keynesian and classical/monetarist. In the textbook version it is said that keynesians believe that prices and wages are rigid, while monetarist/classical economist believe wages and prices are fully flexible. This […]

http://marketmonetarist.com/2015/09/20/yellen-is-transforming-the-us-economy-into-her-favourite-textbook-model/