The microfoundations crusade
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from Lars Syll Defenders of microfoundations and their rational expectations-equipped representative agent’s intertemporal optimisation often argue as if sticking with simple representative agent macroeconomic models does not impart a bias to the analysis. Yours truly unequivocally rejects that unsubstantiated view. These defenders often also maintain that there are no methodologically coherent alternatives to microfoundations modelling. […]
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