REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

 PUBLISHER

Liburkina L. M.

 SITE SECTIONS

Main page

Editorial staff

Editorial policy

Annotated catalogue (2011)

Annotated catalogue (2012)

Annotated catalogue (2013)

Annotated catalogue (2014)

Annotated catalogue (2015)

Annotated catalogue (2016)

Annotated catalogue (2017)

Annotated catalogue (2018)

Annotated catalogue (2019)

Annotated catalogue (2020)

Annotated catalogue (2021)

Annotated catalogue (2022)

Annotated catalogue (2023)

Annotated catalogue (2024)

Thematic sections of the journal

Proceedings of scientific conferences

Methodological Problems of the Macro-Economic Regulation
Ivashyna O. F., Ivashyna S. Y.

Ivashyna, Oleksandr F., and Ivashyna, Svitlana Yu. (2020) “Methodological Problems of the Macro-Economic Regulation.” Business Inform 5:15–21.
https://doi.org/10.32983/2222-4459-2020-5-15-21

Section: Economic Theory

UDC 330.101.54

Abstract:
The article discusses the problem of conformity of existing macro-economic models to possible changes in the behavior of economic actors, which may affect the micro- and macro-functions used in these models. A historical excursion of the formation of «adaptive» and «rational expectations» in the process of macro-economic regulation is carried out. Several institutional factors that influence its effectiveness and predictability of results are allocated. The possibility of making the right decisions is displayed, if the expectations of economic actors are based on past experience, are constantly checked in the course of economic activity, and the subjective valuations of the future status of markets and prices coincide with the conditional mathematically calculated expectations based on the information currently available. Rational expectations are seen as an addition to the macro-economic theory. They provide greater accuracy to the macro-economic forecasts and grounds for decision-making by economic actors in the process of macro-economic forecasting and regulation. The methodological limitations of the neoclassical model of macro-economic equilibrium are shown and the need for an institutional model of «limited rationality» is proved. The possibility of a realistic assessment of the projected results of macro-economic intervention in the reproductive process is related to the presence in the macro-economic model of behavioral functions, which more accurately reflect the real individual and economic behavior of economic actors. The authors rise the question of the synthesis of new macro-economics and institutionalism to create more realistic models of human behavior, to accurately parameterize future economic conditions and prices in the process of macro-economic regulation.

Keywords: macro-economic regulation, adaptive expectations, rational expectations, limited rationality, neoclassical theory, new macro-economics, institutionalism.

Bibl.: 17.

Ivashyna Oleksandr F. – Doctor of Sciences (Economics), Professor, Professor, Department of Management of Foreign Economic Activity, University of Customs and Finance (2/4 Volodymyra Vernadskoho Str., Dnipro, 49004, Ukraine)
Email: [email protected]
Ivashyna Svitlana Yu. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Banking and Insurance, University of Customs and Finance (2/4 Volodymyra Vernadskoho Str., Dnipro, 49004, Ukraine)
Email: [email protected]

List of references in article

Alle, M. “Povedeniye ratsionalnogo cheloveka v usloviyakh riska: kritika postulatov i aksiom amerikanskoy shkoly“ [The Behavior of a Rational Person at Risk: Criticism of the Postulates and Axioms of the American School]. Thesis. 1994. https://igiti.hse.ru/data/465/313/1234/5_4_1Allais.pdf
Andersen, L. C., and Carlson, K. M. “A Monetarist Model for Economie Stabilization. Review“. Federal Reserve Bank of St. Louis. 1970. https://files.stlouisfed.org/files/htdocs/publications/review/70/04/Stabilization_Apr1970.pdf
Baumol, W. J., and Quandt, R. E. “Rules of Thumb and Optimally Imperfect Decisions“. The American Economic Review, part 1, no. 2 (1964): 23-46.
Bordo, M. D., and Schwartz, A. J. “IS-LM and Monetarism“. History of Political Economy. 2004. https://www.nber.org/papers/w9713.pdf
Edvinsson, L., and Malone, M. S. Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower. New York: Harper Business, 1997.
Epstein, G. “The Institutional, Empirical and Policy Limits of 'Modern Money Theory'. Political Economy Research Institute (PERI)“. Working Paper Series, no. 481 (March 2019): 1-37.
Hicks, J. R. “Mr. Keynes and the "Classics": A Suggested Interpretation“. Econometrica. 1937. http://public.econ.duke.edu/~kdh9/Courses/Graduate%20Macro%20History/Readings-1/Hicks_Mr.%20Keynes%20and%20the%20Classics.pdf
Keyns, D. “Obshchaya teoriya zanyatosti, protsenta i deneg“ [General Theory of Employment, Interest and Money]. In Klassika ekonomicheskoy mysli. Sochineniya, 480-786. Moscow: EKSMO-Press, 2000.
Khansen, E. “Ekonomicheskiye tsikly i natsionalnyy dokhod“ [Business Cycles and National Income]. http://ek-lit.narod.ru/neoksod2.htm
Lucas, R. E., Jr. “On the Mechanism of Economic Development“. Journal of Monetary Economics. 1988. https://www.parisschoolofeconomics.eu/docs/darcillon-thibault/lucasmechanicseconomicgrowth.pdf
MacCallum, B. T. “The Significance of Rational Espectation Theory“. Chellenge, vol. 22, no. 6 (1980): 31-47. DOI: https://doi.org/10.1080/05775132.1980.11470578
Mishkin, F. S. “Will Monetary Policy Become More of a Science?“ NBER Working Paper, no. 13566. October 2007. https://www.nber.org/papers/w13566.pdf
Mundell, R. A. “Notes on the Development of the International Macroeconomic Model“. Colambia University, 2001. https://core.ac.uk/download/pdf/161436668.pdf
Muth, J. F. “Rational Espectations and the Theory of Price Movements“. Econometrica. 1961. https://www.parisschoolofeconomics.eu/docs/guesnerie-roger/muth61.pdf
Nort, D. Instituty, institutsionalnoye izmeneniye i funktsionirovaniye ekonomiki [Institutions, Institutional Change and Economic Performance]. Moscow: Fond ekonomicheskoy knigi «Nachala», 1997.
Stigler, Dzh. “Ekonomicheskaya teoriya informatsii“ [The Economic Theory of Information]. In Teoriya firmy, issue 2, 432-447. St. Petersburg: Ekonomicheskaya shkola, 1999.
“Zvit pro finansovu stabilnist. Hruden 2019 roku“ [Financial Stability Report. December 2019]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/admin_uploads/article/FSR_2019-H2.pdf?v=4

 FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

 INFORMATION

The Plan of Scientific Conferences

 OUR PARTNERS

Journal «The Problems of Economy»