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A History of Macroeconomics from Keynes to Lucas and Beyond

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by Michel De Vroey
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A History of Macroeconomics from Keynes to Lucas and Beyond by Michel De Vroey

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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Ebook Details
Pages: 480
Size: 6.2 MB
Publisher: Cambridge University Press
Date published:   2015
ISBN: 9781316419922 (DRM-PDF)

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This product is listed in the following category:

Nonfiction > Business & Economics > Economics > Macroeconomics

This author has products in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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