By Michel De Vroey
This booklet retraces the background of macroeconomics from Keynes's basic idea to the current. principal to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed via detailed methodological criteria. within the Keynesian period, the e-book stories the next theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium types, 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 aimed toward featuring choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey makes a speciality of major exams, and the versions studied are offered in a pedagogical and vibrant but severe manner.
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Additional resources for A History of Macroeconomics
A CRITIQUE The question to address is what explains that Keynes could introduce an involuntary unernployment (rationing) result in a model that was a mere "-< Many commentators have praised this chapter. To Patinkin, it constitutes the apex of The General Theory, proving "that, the many contentions to the contrary notwithstanding, the analysis of this book does not depend on the assumption of absolutely rigid money wages" (Patinkin r987: 28). Other interpreters of The General Theory treading Patinkin's footsteps are Lawlor, Darity and Horn (r987: 321), Howitt (1990: 72), and Trevithick (1992).
The fírst feature worth notícing about it is that it constitutes an extrapolation of Marshall's analysis of fírms' optimal production decísions in a given industry in the short-period competitive equílíbrium framework (Marshall 1920, Book V, chapter 5). 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.
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A History of Macroeconomics by Michel De Vroey