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Solow's Struggle with Medium-Run Macroeconomics: 1956-1995

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  • Michaël Assous

    (GREDEG CNRS
    University of Paris 1)

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    Abstract

    Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow’s different attempts to address this issue. It starts in early 1950s when Solow developed his long-run growth model and it ends in the mid-1990s with the publication of A Critical Essay on Modern Macroeconomic Theory co-written with Frank Hahn. This narrative involves different economists associated with various research traditions, going from the neo-classical synthesis in the 1960s, the New Classical Economics in the 1970s and the New Keynesianism in the 1980s.

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    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2013-41.pdf
    File Function: First version, 2013
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    Bibliographic Info

    Paper provided by Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis in its series GREDEG Working Papers with number 2013-41.

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    Length: 41 pages
    Date of creation: Nov 2013
    Date of revision:
    Handle: RePEc:gre:wpaper:2013-41

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    Related research

    Keywords: economic growth; Robert Solow; Medium-Run macroeconomics; dynamics; multiple equilibria;

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    References

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    1. Solow, Robert M., 1987. "Growth Theory and After," Nobel Prize in Economics documents 1987-1, Nobel Prize Committee.
    2. Thor Hultgren, 1960. "Changes in Labor Cost During Cycles in Production and Business," NBER Books, National Bureau of Economic Research, Inc, number hult60-1, May.
    3. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-54, August.
    4. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 1-31, January.
    5. Robert M. Solow, 2007. "The last 50 years in growth theory and the next 10," Oxford Review of Economic Policy, Oxford University Press, vol. 23(1), pages 3-14, Spring.
    6. Verena Halsmayer & Kevin D. Hoover, 2013. "Solow’s Harrod: Transforming Cyclical Dynamics into a Model of Long-run Growth," Center for the History of Political Economy Working Paper Series 2013-02, Center for the History of Political Economy.
    7. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    8. Thor Hultgren, 1960. "Appendices to "Changes in Labor Cost During Cycles in Production and Business"," NBER Chapters, in: Changes in Labor Cost During Cycles in Production and Business, pages 79-85 National Bureau of Economic Research, Inc.
    9. McDonald, Ian M & Solow, Robert M, 1985. "Wages and Employment in a Segmented Labor Market," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1115-41, November.
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