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
Published: 01/07/2016
Pages: 446
Binding Type: Paperback
Weight: 1.35lbs
Size: 8.90h x 5.90w x 1.00d
ISBN13: 9781107584945
ISBN10: 1107584949
BISAC Categories:
- Business & Economics | Economics | Macroeconomics
- Business & Economics | Economic History