The Finance Smith
The budgetary approach is the sole responsibility of senior management staff and finance employees. Hence these members of employees have to have precise and updated data effective budgeting procedures. Budgets are developed for every financial year. The managers and staff involved will have to create budgets for their own areas of duty and then hand it over to the finance division. These draft budgets are then reviewed by higher management and later approved by a committee, or anything related based on the organisation.
In this paper I argue that the present core of macroeconomics—by which I mostly imply the so-known as dynamic stochastic common equilibrium approach—has turn into so mesmerized with its personal internal logic that it has begun to confuse the precision it has accomplished about its own planet with the precision that it has about the genuine one. This is dangerous for each methodological and policy reasons. On …
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