Michel De Vroey

History of Macroeconomics from Keynes to Lucas and Beyond (eBook, ePUB)

• Format: ePub

Produktbeschreibung

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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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 7. Januar 2016
• Englisch
• ISBN-13: 9781316417980
• Artikelnr.: 53045894

Autorenporträt

Michel De Vroey is a Professor Emeritus at the University of Louvain and visiting professor at the Université Saint Louis, Brussels. He has published several books, including Involuntary Unemployment: The Elusive Quest for a Theory (2007) and Keynes, Lucas: D'une macroéconomie à l'autre (2009). He has also published extensively in scholarly journals.

Inhaltsangabe

Introduction
Part I. Keynes and Keynesian Macroeconomics: 1. Keynes's General Theory
2. Keynesian macroeconomics
3. The neoclassical synthesis program: Klein and Patinkin
4. Monetarism
5. Phelps and Friedman: the natural rate of unemployment
6. Leijonhufvud and Clower
7. Non-Walrasian equilibrium models
8. Assessment
Part II. DSGE Macroeconomics: 9. Lucas and the emergence of DSGE macroeconomics
10. A methodological breach
11. Assessing Lucas
12. Early reactions to Lucas
13. Reacting to Lucas: first generation new Keynesians
14. Reacting to Lucas: alternative research lines
15. Real business cycle modeling: Kydland and Prescott's contribution
16. Real business cycle modeling: critical reactions and further developments
17. Real business cycle modeling: assessment
18. Second generation new Keynesian modeling
Part III. A Broader Perspective: 19. The history of macroeconomics against the Marshall-Walras divide
20. Standing up to DSGE macroeconomics
21. Looking back, looking ahead.