By Michel De Vroey
This ebook retraces the historical past of macroeconomics from Keynes's normal idea to the current. primary to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed through particular methodological criteria. within the Keynesian period, the ebook stories the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium versions, and first-generation new Keynesian types. 3 phases are pointed out within the DSGE period: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The publication additionally examines a couple of chosen works geared toward offering choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey makes a speciality of significant tests, and the types studied are offered in a pedagogical and vibrant but severe approach.
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Extra info for A History of Macroeconomics
The conditíon of l? He could have taken another bifurcation: keeping a single notion yet considering distinct causal factors. 2 The firm's output decisionl AC Q 8 optimality is the equalization of marginal revenue and marginal cost. 2 illustrates this. To get this result, firms must decide jointly on the supply of their output and their demand for inputs. When they establish their supply curve (their marginal cost function), they need to establish a conjecture about the price of their inputs, in accordance with the possible levels of demand for their product.
As a result, exchanges will take place only at the market equilibrium price and quantity mix. This analysis bears on a single period of exchange (hence the 'temporary' qualifier). lt needs to be extended toa broader time range covering severa! such periods and their intervals. This extension can be visualized by referring to the week device put forward by Hicks in Value and Capital (1946: 122-23). The period of analysis is now a given succession of weeks. In this scheme, every week, production takes place from Tuesday to say Saturday (if Sunday is a holiday), with trading occurring exclusively on the next Mondays.
5 The second ~ 4 See also Chick (1983: IJ•) and Laidler ( 2004: 263). :ts Keynes was asked by the authorities of the League of Nations to referee Tinbergen's work (Moggridge 1973: 277-320). This led him to correspond with people at the League, as well as witb Harrod and Tinbergen, and culminated in a review article in the September 1939 issue of the Economic Journal, ro which Tinbergen wrote a reply, followed by a Jast corrunent by Keynes in the March 1940 issue. AH in all, Keynes was dismissive of Tinbergen's work, being of the opinion that little was to be gained from trying to test theoretical models empirically.
A History of Macroeconomics by Michel De Vroey
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