Roger E. A. Farmer Curriculum Vitae April 2020 Warwick Professor Of
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Tribute to Axel Leijonhufvud
A great teacher 6 Computable economics 24 Experimental Economics 30 Adaptive Economic Process 32 Behavioral Economics 36 Institutional Economics 40 Evolutionary Economic 44 Dynamics Agent-Based Computational 48 Economics Agent-Based Finance 58 Financial Instability and 62 Crisis 68 Networks and Innovation 72 Macroeconomics and Financial Crisis 78 Evolution of Social Preferences 84 Market Design 88 Modularity and Design for Innovation 92 Financial Crisis 98 Inequality and the Changing Distribution of Income 104 Macroeconomic Coordination and Externalities 110 New Thinking on the Firm 118 Macroeconomics after the crisis: looking ahead A GREAT TEACHER 6 his is the last Summer School after almost twenty years. It could be a melancholic event, but should not be so. We had Ta rare chance to reflect on the challenges for economic analysis, in the spirit of open- minded exploration that Axel instilled to the School form beginning to end. This meeting today is also an opportunity to celebrate Axel´s contributions to our craft and to express the gratitude that we (quite a few of us here) feel for having been able to learn for him, professionally, and also personally. It is on both these terms that I would like to offer my brief remarks. I first knew about Axel in Argentina through a friend who referred me to the Spanish translation of the book on Keynes. Those were grim times in the country, economically and otherwise, and we were anxious searching for ideas to understand what had been going on. The book impressed me strongly. It was full of analytical insights on crucial questions about economic coordination, and at the same time, it allowed one to glimpse useful ways to speak about actual experiences of macro instability. -
16Th SAET Conference on Current Trends in Economics IMPA, Rio De Janeiro, July 6 - 9, 2016
WELCOME On behalf of the Society for the Advancement of Economic Theory, we are pleased to welcome you in Rio de Janeiro on the occasion of the 16th SAET Conference. We wish to express gratitude to the various institutions that made this conference possible: first and foremost, to Instituto Nacional de Matemática Pura e Aplicada (IMPA) for their wonderful hospitality, Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq), Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES), Fundação Carlos Chagas Filho de Amparo à Pesquisa do Estado do Rio de Janeiro (FAPERJ), the University of Iowa, Itaú Bank and Bradesco Bank. Many thanks to the people who generously contributed to the success of this event, in particular, the members of the local organizing committee, the session organizers, the program committee and the help team. Special thanks to Suely Lima, Ana Paula Rodrigues, Leticia Ribas, Jurandira Ribas, Marcelo Viana, Michele Leite, Paula Dugin, Pedro Faro and Sonia Alves for their invaluable help along the progress, your help has been invaluable. We hope you enjoy the conference and we wish you a pleasant stay in Rio de Janeiro. Aloisio Araujo, José Heleno Faro, Juan Pablo Gama Torres, Susan Schommer and Nicholas Yannelis, Organizing Committee Executive Committee Bernard Cornet (President/Secretary) Robert Townsend (Second Vice-President) Nicholas Yannelis (Treasurer/Editor) Aloisio Araujo (Past President) David Levine (Member at Large) Charles Plott (Member at Large) Edward Prescott (Member at Large) Organizing -
Some International Evidence for Keynesian Economics Without the Phillips Curve
NBER WORKING PAPER SERIES SOME INTERNATIONAL EVIDENCE FOR KEYNESIAN ECONOMICS WITHOUT THE PHILLIPS CURVE Roger Farmer Giovanni Nicolò Working Paper 25743 http://www.nber.org/papers/w25743 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2019, Revised June 2019 We thank George Bratsiotis for inviting us to present this paper at the 9th annual conference organized by the Centre of Growth and Economic Business Cycles at the University of Manchester on July 5th-6th 2018. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Federal Reserve Board, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Roger Farmer and Giovanni Nicolò. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Some International Evidence for Keynesian Economics without the Phillips Curve Roger Farmer and Giovanni Nicolò NBER Working Paper No. 25743 April 2019, Revised June 2019 JEL No. E3,E4,F0 ABSTRACT Farmer and Nicolò (2018) show that the Farmer Monetary (FM)- model outperforms the three- equation New-Keynesian (NK)-model in post war U.S. data. In this paper, we compare the marginal data density of the FM-model with marginal data densities for determinate and indeterminate versions of the NK-model for three separate samples using U.S., U.K. -
Measurement of Economic Performance and Social Progress
Report by the Commission on the Measurement of Economic Performance and Social Progress Professor Joseph E. STIGLITZ, Chair, Columbia University Professor Amartya SEN, Chair Adviser, Harvard University Professor Jean-Paul FITOUSSI, Coordinator of the Commission, IEP www.stiglitz-sen-fitoussi.fr Other Members Bina AGARWAL University of Delhi Kenneth J. ARROW StanfordUniversity Anthony B. ATKINSON Warden of Nuffield College François BOURGUIGNON School of Economics, Jean-Philippe COTIS Insee, Angus S. DEATON Princeton University Kemal DERVIS UNPD Marc FLEURBAEY Université Paris 5 Nancy FOLBRE University of Massachussets Jean GADREY Université Lille Enrico GIOVANNINI OECD Roger GUESNERIE Collège de France James J. HECKMAN Chicago University Geoffrey HEAL Columbia University Claude HENRY Sciences-Po/Columbia University Daniel KAHNEMAN Princeton University Alan B. KRUEGER Princeton University Andrew J. OSWALD University of Warwick Robert D. PUTNAM Harvard University Nick STERN London School of Economics Cass SUNSTEIN University of Chicago Philippe WEIL Sciences Po Rapporteurs Jean-Etienne CHAPRON INSEE General Rapporteur Didier BLANCHET INSEE Jacques LE CACHEUX OFCE Marco MIRA D’ERCOLE OCDE Pierre-Alain PIONNIER INSEE Laurence RIOUX INSEE/CREST Paul SCHREYER OCDE Xavier TIMBEAU OFCE Vincent MARCUS INSEE Table of contents EXECUTIVE SUMMARY I. SHORT NARRATIVE ON THE CONTENT OF THE REPORT Chapter 1: Classical GDP Issues . 21 Chapter 2: Quality of Life . 41 Chapter 3: Sustainable Development and Environment . 61 II. SUBSTANTIAL ARGUMENTS PRESENTED -
Programme Colloque Pdf En Nicholas Stern Sustainable Development
COLLOQUE organisé par Nicholas STERN chaire Développement durable – Environnement, Énergie et Société et Roger GUESNERIE chaire Théorie économique et organisation sociale Managing Climate Change June 7 - 8, 2010 The conference’s program covers two days. During the first day, discussions will focus on long-term economics. Some of the chief participants in the animated debate that climate policy has generated among economists will be present. At the heart of the debate are the principles of cost-benefit analysis and the question of the long term discount rate. The second day’s discussions will revolve around innovation and institutional choices. As on the first day, leading specialists will present their views. Among the participants will be two Nobel Prize laureates in economics: Sir James Mirrlees on the first day and Thomas. C. Schelling on the second. Program June 7 The Economics of the Long Run June 8 Fostering Innovation and Climate Policy 9h15 Introduction 9h30 Nicholas Stern, College de France & London School 9h30 Martin Weitzman, Harvard University of Economics GHG Targets as Insurance against Catastrophic Low Carbon Growth and the Political Economy Climate Damages of a Global Agreement 10h15 Thomas Sterner, University of Gothenburg 10h15 Ujjayant Chakravorty, University of Alberta Climate Policy, Prudence, and the Role of Can Nuclear Power Supply Clean Energy in the Technological Innovation Long Run? A Model with Endogenous 11h00 Break Substitution of Resources 11h30 Roger Guesnerie, College de France & Paris School 11h00 Break of Economics 11h15 Philippe Aghion, Harvard University Ecological Intuition Versus Economic Reason Climate Change and the Role of Directed 12h15 William Nordhaus, Yale University Innovation Economic Policy in the Face of Severe Tail 12h00 Round Table: Climate Policy and Technological Events Change 13h00 Lunch Roger Guesnerie, Nicholas Stern, Jean Tirole and Henry Tulkens 14h30 Christian Gollier, Toulouse School of Economics Socially Efficient Discount Rate under Ambiguity 12h45 Lunch Aversion 14h15 Thomas C. -
Lucas on the Lucasian Transformation of Macroeconomics: an Assessment M
Lucas on the Lucasian Transformation of Macroeconomics: an Assessment M. De Vroey Discussion Paper 2010-32 LUCAS ON THE LUCASIAN TRANSFORMATION OF MACROECONOMICS: AN ASSESSMENT Michel De Vroey ◊ July 2010 Abstract Robert Lucas is rightfully credited with having changed the course of macroeconomic theory. The aim of this paper is to document his transformation from a potential contributor to Keynesian macroeconomics to the master builder of an alternative paradigm, equilibrium macroeconomics. I reconstruct Lucas’s theoretical journey as involving seven steps: (1) his pre-macroeconomic years, (2) his early work as a macroeconomist, jointly with Rapping, (3) the ‘Expectations and the Neutrality of Money’ 1972 article, (4) his inaugural equilibrium model of the business cycle, (5) his all-out attack on Keynesian macroeconomics, (6) the passing of the baton to Kydland and Prescott, and (7) his standpoint after the victory of the approach he so much contributed to launch. JEL classification: B 22; B 31; E30. Keywords: Lucas, new classical macroeconomics. ◊ IRES, University of Louvain, [email protected] A first version of this paper was presented at seminars given at the University of Toronto and the University of British Columbia. The author is grateful to the participants at these seminars for their remarks. He also acknowledges his gratitude to Robert Lucas for having authorized him to quote from the Lucas Archives held at Duke University, as well as for his comments on the paper. Kevin Hoover’s vivid comments on an earlier version were also stimulating. 1 INTRODUCTION In the late 1970s and the beginning of the 1980s, macroeconomics underwent a radical change, which resulted in the overthrow of Keynesian IS-LM macroeconomics and its replacement by dynamic stochastic general-equilibrium macroeconomics. -
Test the Robustness of the Results for Sequences of Approximat- Ing Finite Economies
Implementation in Economies with a Continuum of Agents Author(s): Andreu Mas-Colell and Xavier Vives Source: The Review of Economic Studies, Vol. 60, No. 3, (Jul., 1993), pp. 613-629 Published by: The Review of Economic Studies Ltd. Stable URL: http://www.jstor.org/stable/2298127 Accessed: 27/05/2008 06:40 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=resl. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit organization founded in 1995 to build trusted digital archives for scholarship. We enable the scholarly community to preserve their work and the materials they rely upon, and to build a common research platform that promotes the discovery and use of these resources. For more information about JSTOR, please contact [email protected]. http://www.jstor.org Review of Economic Studies (1993) 60, 613-629 0034-6527/93/00310613$02.00 ? 1993 The Review of Economic Studies Limited Implementationin Economies with a Continuum of Agents ANDREU MAS-COLELL Harvard University and XAVIER VIVES Institut d'AnadlisiEcono'mica (CSIC), Universitat Autonoma de Barcelona First version received December 1989; final version accepted October 1992 (Eds.) We study a general implementation problem for exchange economies with a continuum of players and private information, and test the robustness of the results for sequences of approximat- ing finite economies. -
In Memory of Edmond Malinvaud by Roger Guesnerie
In Memory of Edmond Malinvaud Roger Guesnerie, President of the Paris School of Economics Edmond Malinvaud passed away at the beginning of March, in his ninety-second year. His career was in many regards exceptional: he was one of the most influential French economists of the twentieth century, both in his own country and around the world. A multi-faceted career Top public servant, scholar and teacher, Edmond Malinvaud’s professional life took many forms, and for more than half a century, often at the highest level in each of these fields. As a top-ranking public servant almost all of his professional life, he held several positions of responsibility. After Polytechnique, he chose to join the Institut National de la Statistique et des Etudes Economiques (INSEE), of which he remained a member until his election to the Collège de France in 1987. He played a determining role in the establishment of the Ecole Nationale de la Statistique et de l’Administration Economique, (ENSAE), of which he was the second director, from 1962 to 1966. Then, following his appointment as head of the Direction de la prévision of the Finance Ministry, he returned to INSEE as its director, from 1974 to 1987. In these last two posts, his energy and collegiality impressed everyone and he left a profound mark on the development of studies in both of these institutions. Edmond Malinvaud established himself as a scholar after a stay in the United States. In particular, on the basis of fruitful interactions with colleagues at the Cowles Foundation he produced a theoretical paper on the accumulation of capital that became a classic of the decade1. -
Renegotiation and the Dynamics of Contract Design
European Economic Review 34 (1990) 303-310. North-Holland Incomplete Contracts and Renegotiation RENEGOTIATION AND THE DYNAMICS OF CONTRACT DESIGN Patrick BOLTON* Ecole Poiytechnique, Paris and Harvard University, Cambridge, MA, USA 1. Introduction Besides sunk costs and reputation, long-term contracts are an important form of commitment. In fact, in the imaginary world of Arrow-Debreu there is no room for other forms of commitment than the fully contingent long- term contract. At the risk of oversimplification, one could describe a large part of the theoretical research effort of the past three decades as a systematic attempt at understanding the implications of gradually limiting the set of feasible long-term contracts further and further away from the set of fully contingent Arrow-Debreu contracts. Thus, the theory of incentives was born in the 1960s when information constraints were introduced. Later, other constraints relating to the difftculties of describing and verifying contractual performance have been imposed thus leading towards the first formal foundations of a theory of property rights and ownership. More recently, the role of renegotiation in limiting the commitment power of contracts has become the focus of attention. Basically, the possibility of renegotiation amounts to the addition of another constraint on the set of feasible contracts: now contracts must be not only ‘incentive compatible’ but also ‘renegotiation-proof. (When parties can commit not to renegotiate they have a choice of when to allow for renegotiation and when not. If this commitment possibility is withdrawn they are forced to renegotiate whenever there are ex-post gains from renegotiation. Since the outcome of this renegotiation is perfectly predictable they might as well write renegotiation- proof contracts). -
Axel Leijonhufvud’S
A Dictionary Article on Axel Leijonhufvud’s On Keynesian Economics and the Economics of Keynes: A Study in Monetary Theory by Peter Howitt Brown University January 29, 2002 Draft of an article to be translated into French and published in the Dictionnaire des grandes œuvres économiques, edited by Xavier Greffe, Jérôme Lallement and Michel deVroey, to be published by Éditions Dalloz. On Keynesian Economics and the Economics of Keynes: A Study in Monetary Theory 1. Professor Leijonhufvud’s book, which emerged from his PhD. Dissertation at Northwestern University, was published in 1968, a critical time in the development of macroeconomic theory. Keynesian Economics was at its zenith. Policymakers around the world had adopted it as their guide to conducting stabilization policy. American Keynesians, proudly pointing to the long economic expansion following the 1962 tax-cuts that they had advocated to close the deflationary gap, claimed that their “New Economics” had vanquished the business cycle. Keynesian ideas had won over all but the most willful advocates of laissez-faire, to the point where it was commonly agreed that “we are all Keynesians now.” Keynesian Economics dominated teaching and academic research as much as it did policy-making. The IS-LM model that Hicks and Hansen had extracted from Keynes’s General Theory had become the reigning paradigm of macroeconomics. Theorists had developed choice- theoretic microfoundations for its major components - the consumption function, the demand function for investment and the demand function for money - informed by a huge volume of empirical research. The apparent success of the Keynesian research program had persuaded many that the broad outlines of macroeconomic theory were now settled, that there was nothing left for theorists to do but fill in the details. -
Roger Farmer August 2016 CV
Curriculum Vitae Roger E A Farmer August 2016 Roger E. A. Farmer Curriculum Vitae August 2016 Current Contact Address, US Department of Economics, UCLA Box 951477, Los Angeles Email: [email protected] CA, 90095-1477, USA Citizenship • Dual British and U.S. Education • Ph.D. Economics, University of Western Ontario, London, Ontario, Canada, 1982 • M.A. Econometrics, Manchester University, Manchester, UK, 1977 • B.A. Economics, First Class Honors, Manchester University, Manchester UK, 1976 • Latymer Grammar School, London, UK, 1973 Employment • Visiting Professor of Economics, September 2016 – Present, Department of Economics, University of Warwick, UK • Distinguished Professor of Economics, 2010 – Present, Department of Economics, UCLA • Department Chair, July 2009 – December 2012, Department of Economics, UCLA • Department Vice Chair, 2006 – 2009, Department of Economics, UCLA • Professor of Economics, 1991 – 2010, Department of Economics, UCLA • Professor of Economics, 1998 – 2000, European University Institute, Florence, Italy • Associate Professor of Economics with Tenure, 1988 -1991, Department of Economics, UCLA • Associate Professor of Economics with Tenure, 1988 –1989, Department of Economics, University of Pennsylvania, Philadelphia, USA • Assistant Professor of Economics, 1983 – 1988, Department of Economics, University of Pennsylvania, Philadelphia, USA • Assistant Professor of Economics, 1982 – 1983, Department of Economics, University of Toronto, Canada • Lecturer in Economics, 1980 – 1982, Department of Economics, University -
Old Keynesian Economics∗
Old Keynesian Economics∗ Roger E. A. Farmer† UCLA, Dept. of Economics September 21, 2006 Abstract I provide an outline of how a modern theory of search, modelled by a two-sided matching function, can be used to form a microfoundation to Keynesian economics. This search theory of the labor market has one less equation than unknown and, when combined with the idea that investment is driven exogenously by ‘animal spirits,’ the marriage leads to a microfounded theory of business cycles. This alternative theory has very different implications from the standard interpretations of Keynes that has become enshrined in new-Keynesian economics. I call the alternative, ‘old-Keynesian economics’ and I show that it leads to a model with multiple belief driven steady states. 1 Keynes and the Keynesians In his (1966) book, On Keynesian Economics and the Economics of Keynes, Axel Leijonhufvud made the distinction between the economics of the Gen- eral Theory (Keynes 1936) and the interpretation of Keynesian economics by Hicks and Hansen that was incorporated into the IS-LM model and that forms the basis for new-Keynesian economics. In that book, he pointed out that although the new-Keynesians give a central role to the assumption of sticky prices, the sticky-price assumption is a part of the mythology of Key- nesian economics that is inessential to the main themes of the General The- ory. In this paper I will sketch an alternative microfoundation to Keynesian ∗This paper was prepared for a Conference in honor of Axel Leijonhufvud held at UCLA on August 30th - 31st 2006.