By Michel De Vroey
This ebook retraces the historical past of macroeconomics from Keynes's common conception to the current. significant to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed by way of exact methodological criteria. within the Keynesian period, the e-book experiences the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium types, and first-generation new Keynesian types. 3 phases are pointed out within the DSGE period: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The booklet additionally examines a number of chosen works geared toward offering possible choices to Lucasian macroeconomics. whereas no longer eschewing analytical content material, Michel De Vroey specializes in substantial tests, and the versions studied are awarded in a pedagogical and bright but severe method.
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Extra info for A History of Macroeconomics
Progress occurred when a session of the Econometric Society Conference was devoted to the book. During this session, James Meade ( 1947), Roy Harrod (1937) and Hicks (1937) gave three separate papers discussing it. n All three set out reconstructing the classical model in order to assess whether Keynes's daim that his model was more general than the classical one was right. They al! concluded that it was not. Their interpretations were also rather similar. Although they admitted that, once the wage rigidity assumption was accepted, Keynes's contribution lost much of its theoretical cutting edge, they however claimed that it maintained its policy relevance.
Otherwise, the first function the line intersects is the short side. Although the agents on the short side of the market achieve their desired trade, those on the long side do not and are called rationed. IO A History of Macroeconomics from Keynes to Lucas and Beyond Marshall assumed that al! agents have a perfect knowledge of rnarket conditions. In his words: Though everyone acts for himsel(. his knowledge o( what others are doing is supposed to be generally sufficient to prevent him from taking a lower or paying a higher price than others are doing.
As a case of market non-clearing). This is wrong beca use market non-clearing is an excess of market-day fish supply over market-day demand for fish. lt took about four decades after the publication of The General Theory for economists to realize that there was a deadlock and that the way out of it was to depart from the Marshallian trade technology and information assumptions. 1 "' One might think that money illusion is another possibiHry. It will be seen in my discussion of Friedman's expectations-augmented Phillips curve model in Chapter 5 that this is not the case.