Notes on the microfoundations of monetary economics
Article Abstract:
An analysis of the proposals for establishing microfoundations for stable money demand reveals that they are based on the same principles that enabled the buffer stock model to rescue monetary theory in view of the breakdown of other theories. Walrasian general equilibrium theory is seen as a viable model because of its microeconomic basis while an alternative approach that focuses on the means of exchange function of money and on the use of monetary exchange in consolidating individual preferences, is also considered a preferrable approach.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1997
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Some lessons from past experiments and some challenges for the future
Article Abstract:
Critics of experimental economics argue that laboratory experiments and their results can never adequately approximate the complex realities of economic behavior. Although laboratory models may actually fall short of describing realistic economic conditions, this should not hinder theorists from using experimental tests to measure theoretical applications. Experimental economics should instead be viewed as a tool to facilitate a better understanding of economic decision-making and behavior.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1999
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Some comments on the role of econometrics in economic theory
Article Abstract:
The role of econometrics in the advancement of economic theory is discussed. A major dilemma facing most economists is to develop diagnostic tools in determining which economic models to use. It is proposed that the Haavelmo paradigm be abandoned and a system that integrates theory and data be developed.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1995
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