A History Of Macroeconomics From Keynes To Lucas And Beyond

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.

• | Author: Michel De Vroey
• | Publisher: Cambridge University Press
• | Publication Date: Mar 24, 2016
• | Number of Pages: 450 pages
• | Language: English
• | Binding: Hardcover/Business & Economics
• | ISBN-10: 0521898439
• | ISBN-13: 9780521898430