By Michel De Vroey
This e-book retraces the heritage of macroeconomics from Keynes's basic concept to the current. vital to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, each one governed by way of particular methodological criteria. within the Keynesian period, the e-book reports the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium types, and first-generation new Keynesian versions. 3 levels are pointed out within the DSGE period: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The booklet additionally examines a couple of chosen works geared toward featuring choices to Lucasian macro. whereas no longer eschewing analytical content material, Michel De Vroey specializes in important exams, and the versions studied are provided in a pedagogical and shiny but serious method.
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Additional info for A History of Macroeconomics from Keynes to Lucas and Beyond
Second, two types of normal equilibrium have to be separated: ‘short-period normal equilibrium’ acting as a center of gravity in a ﬁxedcapital stock context, and ‘long-period equilibrium’ acting thusly when the capital stock is variable. ’ It is achieved whenever the market-day allocation (temporary equilibrium or the matching of market supply and demand) coincides with the normal allocation (the matching of normal supply and demand). Only then do agents lack any incentive to change their behavior.
For a study of the complex relations between Beveridge and Keynes, see Dimand (1999b). Keynes’s General Theory 15 solution to the problem was as straightforward as its diagnosis: the labor market needs to be better organized – that is, to become more centralized: There shall be known centers or ofﬁces or exchanges, to which employers shall send or go when they want workpeople, to which workpeople shall go when they want employment. (Beveridge 1912: 198) However, Beveridge did not go further than naming three causes likely to cause frictional unemployment.
19 The fact that all ﬁrms are in a state of individual equilibrium also implies that the market for the goods they produce is in equilibrium. The same diagnosis must be made about the different input markets for this good. As a result, it must be concluded that the wage rate, which ﬁrms have integrated in the calculation of their optimal planning, is the market-clearing wage rate. 18 19 MC is marginal cost, AC average cost, MR marginal revenue, and AR average revenue or price. According to Kregel (1976), Keynes’s program consisted of three interlocked models.
A History of Macroeconomics from Keynes to Lucas and Beyond by Michel De Vroey
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