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Toward a Macroeconomics of the Medium Run

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  • Robert M. Solow

Abstract

My main goal in this essay is to say something about leftover open questions in macroeconomics, as well as new phenomena that need to be accommodated in early 21st century macroeconomics, and the sorts of ideas that might make progress possible. The essay first considers foundational questions and then the analysis of growth, fluctuations, wages and prices, and the medium run.

Suggested Citation

  • Robert M. Solow, 2000. "Toward a Macroeconomics of the Medium Run," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 151-158, Winter.
    • Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:151-158
    Note: DOI: 10.1257/jep.14.1.151
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.151
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    3. Soummane, Salaheddine & Ghersi, Frédéric & Lefèvre, Julien, 2019. "Macroeconomic pathways of the Saudi economy: The challenge of global mitigation action versus the opportunity of national energy reforms," Energy Policy, Elsevier, vol. 130(C), pages 263-282.
    4. Atanas Leonidov, 2006. "Endogenous Theory of Growth and Main Economic Schools," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 38-70.
    5. Piero Ferri & AnnaMaria Variato, 2010. "Financial Fragility, the Minskian Triad, and Economic Dynamics," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(2), pages 70-82.
    6. Erten, Bilge & Ocampo, José Antonio, 2013. "Super Cycles of Commodity Prices Since the Mid-Nineteenth Century," World Development, Elsevier, vol. 44(C), pages 14-30.
    7. Duflo, Esther, 2004. "The medium run effects of educational expansion: evidence from a large school construction program in Indonesia," Journal of Development Economics, Elsevier, vol. 74(1), pages 163-197, June.
    8. Dieppe, Alistair & González Pandiella, Alberto & Willman, Alpo, 2012. "The ECB's New Multi-Country Model for the euro area: NMCM — Simulated with rational expectations," Economic Modelling, Elsevier, vol. 29(6), pages 2597-2614.
    9. Mathy, Sandrine & Guivarch, Céline, 2010. "Climate policies in a second-best world--A case study on India," Energy Policy, Elsevier, vol. 38(3), pages 1519-1528, March.
    10. McAdam, Peter & Willman, Alpo, 2008. "Medium run redux: technical change, factor shares and frictions in the euro area," Working Paper Series 915, European Central Bank.
    11. Dieppe, Alistair & Pandiella, Alberto González & Hall, Stephen & Willman, Alpo, 2013. "Limited information minimal state variable learning in a medium-scale multi-country model," Economic Modelling, Elsevier, vol. 33(C), pages 808-825.
    12. McAdam, Peter & Willman, Alpo, 2013. "Medium Run Redux," Macroeconomic Dynamics, Cambridge University Press, vol. 17(4), pages 695-727, June.
    13. Rossitsa Rangelova, 2009. "Changing Determinants of the Economic Growth – Theoretical Base and Specifics of the Empirics," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-32.
    14. Guivarch, Céline & Hallegatte, Stéphane & Crassous, Renaud, 2009. "The resilience of the Indian economy to rising oil prices as a validation test for a global energy-environment-economy CGE model," Energy Policy, Elsevier, vol. 37(11), pages 4259-4266, November.
    15. Phillips, Peter C. B., 2001. "Trending time series and macroeconomic activity: Some present and future challenges," Journal of Econometrics, Elsevier, vol. 100(1), pages 21-27, January.
    16. Rao, B. Bhaskara & Vadlamannati, Krishna Chaitanya, 2011. "Globalization and growth in the low income African countries with the extreme bounds analysis," Economic Modelling, Elsevier, vol. 28(3), pages 795-805, May.
    17. Rao, B. Bhaskara & Hassan, Gazi Mainul, 2011. "A panel data analysis of the growth effects of remittances," Economic Modelling, Elsevier, vol. 28(1), pages 701-709.
    18. Gallegati, Marco & Giri, Federico & Palestrini, Antonio, 2019. "DSGE model with financial frictions over subsets of business cycle frequencies," Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 152-163.
    19. Schwark, Florentine, 2014. "Energy price shocks and medium-term business cycles," Journal of Monetary Economics, Elsevier, vol. 64(C), pages 112-121.
    20. Rossitsa Rangelova, 2002. "Medium-Term Forecastings of the Economic Growth in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-29.
    21. Roger W. Garrison, 2004. "A Roundabout Approach to Macroeconomics: Some Autobiographical Reflections," The American Economist, Sage Publications, vol. 48(2), pages 26-40, October.
    22. Garabed Minassian, 2017. "Political Economy Dimensions of the Crisis: the Case of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-20.
    23. Piero Ferri, 2010. "Growth Cycles and the Financial Instability Hypothesis (FIH)," Chapters, in: Dimitri B. Papadimitriou & L. Randall Wray (ed.), The Elgar Companion to Hyman Minsky, chapter 11, Edward Elgar Publishing.
    24. Rao, B. Bhaskara, 1993. "The nature of transactions in the U.S. aggregate goods market," Economics Letters, Elsevier, vol. 41(4), pages 385-390.
    25. Ray Fair, 2005. "Natural Concepts in Macroeconomics," Yale School of Management Working Papers amz2527, Yale School of Management, revised 01 Jul 2005.

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    More about this item

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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