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Convergence in Macroeconomics: Elements of the New Synthesis

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Author Info
Michael Woodford
Abstract

While macroeconomics is often thought of as a deeply divided field, with less of a shared core and correspondingly less cumulative progress than other areas of economics, in fact, there are fewer fundamental disagreements among macroeconomists now than in past decades. This is due to important progress in resolving seemingly intractable debates. In this paper, I review some of those debates and outline important elements of the new synthesis in macroeconomic theory. I discusses the extent to which the new developments in theory and research methods are already affecting macroeconomic analysis in policy institutions. (JEL A11, E00)

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File URL: http://hdl.handle.net/10.1257/mac.1.1.267
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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/mac.1.1.267
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Publisher Info
Article provided by American Economic Association in its journal American Economic Journal: Macroeconomics.

Volume (Year): 1 (2009)
Issue (Month): 1 (January)
Pages: 267-79
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Handle: RePEc:aea:aejmac:v:1:y:2009:i:1:p:267-79

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  1. John F. Cogan & Tobias Cwik & John B. Taylor & Volker Wieland, 2009. "New Keynesian versus Old Keynesian Government Spending Multipliers," Working Paper Series 1090, European Central Bank. [Downloadable!]
  2. David Colander, 2009. "Economists, Incentives, Judgment, and the European CVAR Approach to Macroeconometrics," Middlebury College Working Paper Series 0912, Middlebury College, Department of Economics. [Downloadable!]
  3. James D. Foster, 2009. "Keynesian Policies Stimulate Dabate And Debt, Not Employment," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 10(2), pages 20-25, 07. [Downloadable!]
  4. Ray C. Fair, 2009. "Has Macro Progressed?," Cowles Foundation Discussion Papers 1728, Cowles Foundation, Yale University. [Downloadable!]
  5. Karanassou, Marika & Sala, Hector, 2009. "The US Inflation-Unemployment Tradeoff: Methodological Issues and Further Evidence," IZA Discussion Papers 4252, Institute for the Study of Labor (IZA). [Downloadable!]
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This page was last updated on 2009-11-26.


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