A History of Macroeconomics from Keynes to Lucas and Beyond - De Vroey, Michel
A History of Macroeconomics from Keynes to Lucas and Beyond - De Vroey, Michel This book retraces the history of macroeconomics from Keynes's General Theory to the present. In the Keynesian era, the…
Specifikacia A History of Macroeconomics from Keynes to Lucas and Beyond - De Vroey, Michel
A History of Macroeconomics from Keynes to Lucas and Beyond - De Vroey, Michel
This book retraces the history of macroeconomics from Keynes's General Theory to the present. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards.
The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet