By Michel De Vroey
This e-book retraces the historical past of macroeconomics from Keynes's basic conception to the current. important to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic normal equilibrium (DSGE) - period, each one governed by means of precise methodological criteria. within the Keynesian period, the publication experiences the next 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 e-book additionally examines a number of chosen works geared toward providing choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey specializes in substantial exams, and the versions studied are awarded in a pedagogical and shiny but severe means.
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Extra resources for A History of Macroeconomics
When n is supposed to refer to a representative agent, it means hours worked (intensive margin). In this case, the perfectly elastic section of the supply curve represents a situation in which consumption and leisure are perfect substitutes.
In the classical subsystem, the labor market has flexible wages and exhibits rnarket clearing; only the Keynesian subsystem exhibits wage rigidity. The two papers also differ in their policy conclusions. In Hicks's model, monetary expansion has real effects in the classical regime but not in the Keynesian one. By contrast, in Modigliani's model, monetary expansion is the proper remedy for involuntary unemployment. In other words, what to Hicks was 'classical' policy in Modigliani's hands became 'Keynesian' policy!
Still, the wage rigidity assumption as adopted in Keynes's effective demand model argumentation is not removed. The same dismissive conclusion can be reached differently by confronting 'effective demand a la Keynes' with 'effective demand a la Marshall,' an alternative, more classical, way of extrapolating Marshall's theory of firms' individual equilibrium behavior. One element that they have in common is the perfect foresight assumption. It is here that a clue to the difference between them is to be found.