Using the general equilibrium growth model to study great depressions
Subtitle: a rejoinder to Kehoe and Prescott
By: [by] Peter Temin
Contributors: Massachusetts Institute of Technology. Dept. of Economics
Series: Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 09-04; Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 09-04.
Publisher: Massachusetts Institute of Technology, Dept. of Economics
Published: 2009
Place of publication: Cambridge, MA
Language: eng
Description: The reply by Kehoe and Prescott restates their position but does not answer the criticism made in my review of their book (Temin 2008). I argued that the general equilibrium model of economic growth to study income fluctuations does not lead to a useful research program; the use of closed-economy models to understand the world problems of the 1930s and the Latin-American problems of the 1980s is not helpful; and the authors using Kehoe and Prescott's recommended approach do not use data with the care standard in other branches of economics. I stand by those criticisms. Keywords: Depressions, economic fluctuations, general equilibrium models. JEL Classifications: E32, N10.
Notes: "February 27, 2009."

Includes bibliographical references (leaf 7).

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