A Tale of Two Cities
AbstractOnce upon a time, macroeconomics was a field organized around money and the equation of exchange, as in Fisher 1911. Today, the field is organized instead around finance and the intertemporal Euler equation. This article tells the story of how we moved from then to now, a story that revolves around the key role played by Jacob Marschak and the rise of monetary Walrasianism.
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Bibliographic InfoArticle provided by Duke University Press in its journal History of Political Economy.
Volume (Year): 42 (2010)
Issue (Month): 2 (Summer)
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macroeconomics; Euler equation; Walrasianism; Jacob Marschak;
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