A History of Macroeconomics from Keynes to Lucas and Beyond, Paperback/Michel de Vroey

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• Brand: Cambridge University Press
• Categoria: Foreign Books
• Magazin: elefant.ro
• Ultima actualizare: 21-12-2024 01:38:29

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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 macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. 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.