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By Michel De Vroey

This booklet retraces the heritage of macroeconomics from Keynes's normal concept to the current. imperative to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, every one governed through targeted methodological criteria. within the Keynesian period, the e-book stories the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium versions, and first-generation new Keynesian types. 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 aimed toward offering possible choices to Lucasian macroeconomics. whereas no longer eschewing analytical content material, Michel De Vroey specializes in substantial checks, and the types studied are provided in a pedagogical and shiny but serious approach.

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Colander 2006: 69) Thus, Keynes's failure was a foregone conclusion. However, in no way must this failure hide the extraordinary breakthrough he achieved. His work changed the course of economic theory by setting the scene for a new subdiscipline, macroeconomics, that is, simplified, applied, and policy-oriented general equilibrium analysis. A diagnosis like mine could not have been made at the time. lt is thus no surprise that when The General Theory was published, no such criticisms were leveled against it.

In 1936, Tinbergen constructed a macroeconometric model of the Dutch economy with a special emphasis on unemployment. In 1937 the League of Nations published Gottfried Haberler Prosperity and Depressions, a systematic survey of business cycle theories (Haberler 1937). To complement Haberler's theoretical essay, the League invited Tinbergen to engage in a statistical investiga don of business fluctuations in the United States for the post-1918 period. ' 5 The second ~ 4 See also Chick (1983: IJ•) and Laidler ([1991] 2004: 263).

Nce. Very soon rnacroeconomics became a new and thriving subdiscipline of economics. A product of the Great Depression, its overarching aim was to highlight market failures that could be remedied by state action. So, from the onset, it hada reformist flavor. Unemployment- and in particular involuntary unemployment - was its defining element. 2 Keynesian Macroeconomics: The IS-LM Model Centered on the IS-LM model, Keynesian macroeconomics was the predominant paradigm in macroeconomics from the r 9 sos until the r 970s, when it carne under fire without fully disappearing from the scene.

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