A History of Macroeconomics from Keynes to Lucas and Beyond

Category: Livres anglais et trangers,Business & Investing,Economics

A History of Macroeconomics from Keynes to Lucas and Beyond Details

This book retraces the history of macroeconomics from Keynes's General Theory to the present. 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. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macroeconomics. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.

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Reviews

De Vroey offers a comprehensive compendium of macroeconomic research for the past half a century. He offers not only the historical context to the defining research programmes, but also provides an overview of each model's inner workings.The book is designed for graduate to PhD students/candidates who want to understand how the literature evolved over time.

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