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The History of Macroeconomics from Keynes’s General Theory to the Present

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  • Michel DE VROEY

    ()
    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Pierre MALGRANGE

    (CEPREMAP, Paris)

Abstract

This paper is a contribution to the forthcoming Edward Elgar Handbook of the History of Economic Analysis volume edited by Gilbert Faccarello and Heinz Kurz. Its aim is to introduce the reader to the main episodes that have marked the course of modern macroeconomics: its emergence after the publication of Keynes’s General Theory, the heydays of Keynesian macroeconomics based on the IS-LM model, disequilibrium and non-Walrasian equilibrium modelling, the invention of the natural rate of unemployment notion, the new classical attack against Keynesian macroeconomics, the first wave of new Keynesian models, real business cycle modelling and, finally, the second wage of new Keynesian models, i.e. DSGE models. A main thrust of the paper is the contrast we draw between Keynesian macroeconomics and stochastic dynamic general equilibrium macroeconomics. We hope that our paper will be useful for teachers of macroeconomics wishing to complement their technical material with a historical addendum.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2011028.

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Length: 25
Date of creation: 30 Jun 2011
Date of revision:
Handle: RePEc:ctl:louvir:2011028

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Keywords: Keynes; Lucas; IS-LM model; DSGE models;

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  1. Jeremy Greenwood, 2005. "Modern Business Cycle Analysis," RCER Working Papers 520, University of Rochester - Center for Economic Research (RCER).
  2. Anna BATYRA & Michel DE VROEY, 2009. "From one to many islands : the emergence of search and matching models," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2009005, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, October.
  4. Ben S. Bernanke & Julio J. Rotemberg, 1997. "Editorial in "NBER Macroeconomics Annual 1997, Volume 12"," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 1-6 National Bureau of Economic Research, Inc.
  5. Garrone Giovanna & Marchionatti Roberto & Bellofiore Riccardo, 2004. "Keynes on econometric method. A reassessment of his debate with Tinbergen and econometricians, 1938-1943," CESMEP Working Papers 200401, University of Turin.
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Cited by:
  1. Ronny Mazzocchi, 2013. "Scope and Flaws of the New Neoclassical Synthesis," DEM Discussion Papers 2013/13, Department of Economics and Management.

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