Financial stability requires macroeconomic foundations of macroeconomics - Archive ouverte HAL Access content directly
Journal Articles Journal of Philosophical Economics Year : 2010

Financial stability requires macroeconomic foundations of macroeconomics

Abstract

Financial stability features prominently among the goals of several post-crisis macroeconomic policies around the world. Being a systemic characteristic, financial stability requires a systemic analysis, which only macroeconomics can offer logically. Yet, the current way of doing macroeconomics is not up to the task, as it is grounded on so-called microfoundations. Considering macroeconomics as the science of aggregating data obtained at microeconomic level can lead indeed to conclusions that are either misleading or wrong. This paper points out that the true foundations of macroeconomics are macroeconomic, and that understanding the working of monetary economies of production and exchange requires a conceptual rather than a mathematical treatment of economic issues at a systemic level.
Fichier principal
Vignette du fichier
2.pdf (129.13 Ko) Télécharger le fichier
Origin : Explicit agreement for this submission

Dates and versions

hal-03704551 , version 1 (25-06-2022)

Licence

Attribution - NonCommercial - ShareAlike

Identifiers

Cite

Sergio Rossi. Financial stability requires macroeconomic foundations of macroeconomics. Journal of Philosophical Economics, 2010, Volume III Issue 2 (2), pp.58-73. ⟨10.46298/jpe.10594⟩. ⟨hal-03704551⟩
28 View
83 Download

Altmetric

Share

Gmail Facebook Twitter LinkedIn More