What do economists think of Paul Romer's paper on the trouble with macroeconomics?

Economics Dec 15, 2020

Expert Solution

Some economists believed that the criticism of Paul Rome was unconstructive, and many comprehensive models were undervalued. The conclusion of the study of Romer was not perfect. There is identification in the model of Romer, using many variables increases the identification problem. Many economists thought that Romer?s argument on the real effect of monetary policy is out-dated. The RBC model took a long time to replace the Keynesian model.

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