+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Economic Analysis: Theory and Practice
 

The overdue changes in macroeconomic analysis

Vol. 13, Iss. 11, MARCH 2014

Available online: 15 March 2014

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: 

Pages: 2-10

Sukharev O.S. Institute of Economics, RAS, Moscow, Russian Federation
o_sukharev@list.ru

The global financial crisis of 2008-2010 has displayed low efficiency of the neoclassical macroeconomic instruments and recipes. This fact caused the world-wide ample and fierce debate about search for a new framework for macroeconomics. P. Krugman and J. Stiglitz proposed breathing life into the Keynesian economy-regulatory methods and creating of new financial mathematics and financial policy in contrast to the neoclassical school. The author considers the arguments for the "behavioral" macroeconomics put forward by G. Akerlof and R. Shiller, who ground the necessity of an energetic government participation in economic policy-making by recovering the concept of animal spirits. The author comes to the conclusion that there is a necessity to proceed from the structural relations in the economic-sectors development when planning financial policy. The analysis of the stereotype instruments of financial policy (types of financial and monetary policy) encourages the idea of consideration of behavioral model change of the agents within the economic structure and institutional regime.

Keywords: macroeconomic analysis, crisis, financial policy, structure, behavioral macroeconomics

References:

  1. Akerlof G.A., Shiller R.J. Spiritus Animalis ili kak chelovecheskaia psikhologiia upravliaet ekonomikoi i pochemu eto vazhno dlia mirovogo kapitalizma [Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism]. Moscow, Iunaited Press Publ., 2010, 273 p.
  2. Bendikov M.A., Khrustalev O.E. Mekhanizm innovatsionnogo razvitiia naukoemkikh vysokotekhnologichnykh proizvodstv i rynkov [Mechanism for the innovation development of high-tech industries and markets]. Ekonomicheskii analiz: teoriia i praktika – Economic analysis: theory and practice, 2012, no. 28.
  3. Hilferding R. Finansovyi kapital. Noveishaia faza v razvitii kapitalizma [Das Finanzkapital]. Moscow, URSS Publ., 2011. p. 72.
  4. Krugman P.R. Vozvrashchenie Velikoi depressii [The Return of Depression Economics]. Moscow, Eksmo Publ., 2009, 336 p.
  5. Makarov Iu.N., Khrustalev E.Iu. Organizatsionno-ekonomicheskie mekhanizmy realizatsii programm i planov razvitiia naukoemkikh sfer deiatel'nosti [Organizational and economic mechanisms for implementation of programs and plans for the development of science-intensive activities]. Audit i finansovyi analiz – Audit and financial analysis, 2011, no. 1.
  6. Stiglitz J.E. Krutoe pike. Amerika i novyi ekonomicheskii poriadok posle global'nogo krizisa [Freefall: America, Free Markets, and the Sinking of the World]. Moscow, Eksmo Publ., 2011, 512 p.
  7. Sukharev O.S. Institutsional'naia teoriia i ekonomicheskaia politika [The institutional theory and economic policy]. Moscow, Ekonomika Publ., 2007.
  8. Sukharev O.S. Strukturnye problemy ekonomiki Rossii [The structural problems of the Russian economy]. Moscow, Finansy i statistika Publ., 2010.
  9. Sukharev O.S. Strukturnyi analiz ekonomiki [The structural analysis of economics]. Moscow, Finansy i statistika Publ., 2012.
  10. Sukharev O.S. Teoriia effektivnosti ekonomiki [The theory of economic efficiency]. Moscow, Finansy i statistika Publ., 2009.
  11. Khrustalev E.Iu., Larin S.N. Novye tendentsii v organizatsii partnerskikh otnoshenii gosudarstva i biznesa v innovatsionnoi sfere [New trends in the organization of partnership of government and business in the sphere of innovation]. Finansovaia analitika: problemy i resheniia – Financial analytics: problems and solutions, 2011, no. 34.
  12. Khrustalev O.E. Finansovye metody soglasovaniia ekonomicheskikh interesov uchastnikov investitsionnykh proektov [Financial methods of coordination of economic interests of investment-projects participants]. Audit i finansovyi analiz – Audit and financial analysis, 2011, no. 3.
  13. Krugman P.R. How Did Economists Get It So Wrong? The New York Times, September 2, 2009, pp. 3–8.

View all articles of issue

 

ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 23, Iss. 3
March 2024

Archive