By Michel De Vroey
This booklet retraces the heritage of macroeconomics from Keynes's common thought to the current. significant to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic normal equilibrium (DSGE) - period, each one governed via designated methodological criteria. within the Keynesian period, the booklet experiences the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (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 macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The ebook additionally examines a number of chosen works aimed toward offering possible choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey makes a speciality of noticeable exams, and the types studied are awarded in a pedagogical and brilliant but serious approach.
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Extra resources for A History of Macroeconomics
The upwards slope of tbe LM curve is explained as follows. If nominal income increases, the transaction demand for money also increases. 2 The Keynesian LM curve according to Hicks demand for money to decrease. The JS-LM graph describes the interaction between the goods and the money markets leaving what happens in the two other markets, the bonds and the labor market, implicit. As far as the labor market is concerned, Hicks's aim was not to explain why it features unemployment- its existence being taken for granted- bnt rather its persistence, that is, which policy is efficient in eliminating it.
Hicks's model became the organizing theoretical apparatus of the emerging discipline of macroeconomics. One may wonder what The General Theory would have become had Hicks's interpretation never seen the light of day. " Ironically enough, from then on Keynesian econo- mists carne to declare that the hallmark of Keynesian macroeconomics was the wage rigidity assumption, the very claim that Keynesians wanted to dismiss. "Mr. Keynes goes as far as to make the rigidity of wage-rates the corner-stone of his system" (Hicks 1939:266).
It from happening again. In 1936, Tinbergen constructed a macroeconometric model of the Dutch economy with a special emphasis on unemployment. In 1937 the League of Nations published Gottfried Haberler Prosperity and Depressions, a systematic survey of business cycle theories (Haberler 1937). To complement Haberler's theoretical essay, the League invited Tinbergen to engage in a statistical investiga don of business fluctuations in the United States for the post-1918 period. ' 5 The second ~ 4 See also Chick (1983: IJ•) and Laidler ( 2004: 263).
A History of Macroeconomics by Michel De Vroey