A History of Macroeconomics from Keynes to Lucas and Beyond
- ISBN-10
- 1316419002
- ISBN-13
- 9781316419007
- Category
- Business & Economics
- Language
- English
- Published
- 2016-01-07
- Publisher
- Cambridge University Press
- Author
- Michel De Vroey
Description
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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Other editions
-
- 2016-01-08
- 448 pages
- Paperback
- Cambridge University Press
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