A History of Macroeconomics by Michel De Vroey

By Michel De Vroey

This ebook retraces the historical past of macroeconomics from Keynes's normal idea to the current. important to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed via specific methodological criteria. within the Keynesian period, the ebook reports the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium types, and first-generation new Keynesian versions. 3 phases are pointed out within the DSGE period: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The ebook additionally examines a couple of chosen works aimed toward proposing possible choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey specializes in great checks, and the types studied are provided in a pedagogical and brilliant but severe manner.

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Extra resources for A History of Macroeconomics

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Systems with rigid wage share the common property that the equilíbrium value of the 'real' variables is determined essentially by monetary conditions rather than by 'real' factors .... The monetary conditions are sufficient to determine money income and, under fixed wages and technical conditions, to each money income there corresponds a definite equilibrium level of employment. This equílibríum level does not tend to coincide with full employment except by mere chance, since there is no economic mechanism that ensures this coincidence.

Leijonhufvud wo6b: 70) A third obstacle facing Keynes, the existence of which he actually was unaware, was that his project of improving on existing theory of unemployment by adding a theory of involuntary unemployment to the supposedly existing theory of frictional unemployment, all this within a Marshallian framework, was more daunting than he imagined. The reason is that Marshallian theory has no room for any kind of unemployment, being it involuntary or frictional unemployment, except for the trivial exogenous wage or price floor assumption.

The wage rigidity assumption was rather viewed as an extreme but convenient representation of tbis fact of life. Other, less numerous, economists underlined that taking the rigidity line amounts to reverting to the very position that Keynes attacked, a viewpoint expressed by Leijonhufvnd in the following words: The rigid wage hypothesis was nota novel idea in Keynes' day. That the explanation of why labor fails to sell rnust start from the presumption that wages are too high and won't come clown is a notion that is in aU probabiliry older than is economics as a discipline.

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