By Michel De Vroey
This booklet retraces the background of macroeconomics from Keynes's basic idea to the current. relevant to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed by way of exact methodological criteria. within the Keynesian period, the e-book experiences the next theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium versions, and first-generation new Keynesian versions. 3 levels 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 geared toward offering possible choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey specializes in substantive tests, and the versions studied are awarded in a pedagogical and shiny but serious approach.
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Extra resources for A History of Macroeconomics
These pertained to the particularities of the demand for and supply of labor. But he never took the further step of studying how these particularities impinge on the working of the labor market. '' An additional explanation was his adhesion to the classical dichotorny. The latter consists of dividing economics into two bread subfields: value theory, dominated by equilibrium principies, where market clearing always obtains; and business cycle theory, in which monetary disturbances are supposed to play a central role and that is divorced from those principies.
O + I(r) In view of the importance of the nominal wage rigidity assumption, it is worth quoting the passage where Keynes justifies introducing it: "In this sumrnary we shall assume that the money~ wage and other factor costs are constant per unir of labor employed. But this simplification, with which we shall dispense later, is introduced solely to facilitare the exposition. The essential character of the argument is precisely the same whether or not money~wages, etc. are Hable to change" (Keynes 1936: 27).
To begin with, the two economists differed on the main point they wanted to bring out. While Hicks emphasized the role of liquidity preference, in Modigliani's eyes it was unnecessary to resort to it to explain unernployment. The two models also diverge substantially beyond that. A first difference is that in Hicks's paper, the labor rnarket features rationing both in the classical and the Keynesian systems, as the result of the existence of a false nominal wagc. In Modigliani's model, the picture is different.