By Michel De Vroey
This publication retraces the historical past of macroeconomics from Keynes's basic thought to the current. crucial to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic basic equilibrium (DSGE) - period, each one governed by way of distinctive methodological criteria. within the Keynesian period, the e-book reviews the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium versions, and first-generation new Keynesian versions. 3 phases are pointed out within the DSGE period: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The publication additionally examines a couple of chosen works aimed toward featuring choices to Lucasian macro. whereas now not eschewing analytical content material, Michel De Vroey specializes in important checks, and the types studied are awarded in a pedagogical and brilliant but severe means.
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Additional resources for A History of Macroeconomics from Keynes to Lucas and Beyond
This equílibríum level does not tend to coincide with full employment except by mere chance, since there is no economic mechanism that ensures this coincidence. (Modigliani 1944: 66) Modigliani's model has two sources of inspiration, Hicks's 193 7 article and a r938 paper by Oskar Lange, "The Rate of lnterest and the Optimum 3 Nowadays, nobody dares to make this assumption, but at the time economists had no such qualms. This was, for example, the viewpoint defended by Leonrief (1946) and Tobin (1947).
His opinion was that, at the time, the rigidity assumption was more relevant than the flexibility assumption. Hence it would make no sense to have different assumptions for the two subsystems. 2 Hicks had little interest in demonstrating the existence of involuntary unemployment. Although he did not like the term, he took its cause, wage rigidity, as a fact of life, at least in sorne circumstances. The only difference between the Keynesian and the classical subsystems bears on the slope of the LM curve.
The so-called Keynesian cross or income-expenditure graph is the standard way of capturing the above reasoning. 3, where N is employment, N* the leve! of employment as determined by effective demand, and NFE full employment. A standard representation of Keynes's argumentation is as follows. 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.