By Michel De Vroey
This publication retraces the heritage of macroeconomics from Keynes's normal thought to the current. crucial 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 special methodological criteria. within the Keynesian period, the ebook stories the next theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium versions, and first-generation new Keynesian types. 3 levels are pointed out within the DSGE period: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The e-book additionally examines a number of chosen works aimed toward featuring choices to Lucasian macro. whereas now not eschewing analytical content material, Michel De Vroey specializes in important exams, and the versions studied are offered in a pedagogical and shiny but severe means.
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Extra resources for A History of Macroeconomics from Keynes to Lucas and Beyond
Yet too often, many of them, for example, Post-Keynesian economists, instead of admitting that Keynes had failed in implementing his program, argued that he provided a globally consisten! analytical framework, an interpretation that 1 have tried to debunk. The final step in the emergence of macroeconomics consisted in transforming qualitative models into empirically testable ones. Jan Tinbergen played an importan! role in this respect. Like Keynes, he was a reformer, motivated by the desire to understand the Great Depression and to develop policies that would preven!
Too m u eh arbitrariness was involved in such an exercise, he argued. However, Keynes's reservations towards the construcrion of macroeconometric models were to no avail. It was soon ro become an industry that was growing too fast to be stopped by epistemological considerarions such as Keynes's. See Bateman (1990) and Garrone and Marchiotti (2004). A History of Macroeconomics from Keynes to Lucas and Beyond pioneering piece of macroeconomic econometrics was Larry Klein's Economic Fluctuations in the United States I92I-4I, published in 1950 for the Cowles Commission.
Consritures a srare of resr. Moreover, ro him, the deficiency of aggregare demand and rhe violation of Say's Law (rhat supply creares its own dernand) were rwo sides of the same coin. Say's Law, which was later ro become Walras's Law, srares rhar siruarions of generalized excess supply cannor arise. Pur differently, no single marker can be in disequilibrium. Keynes wanred ro challenge rhis view. He admitted rhar leakages out of the circuir of exchange were inconceiv· able in a barter econorny, bur claimed that they could arise in a rnonerary economy.