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Macroeconomic Confusion

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  • Schlicht, Ekkehart

Abstract

This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique," and that it is misleading to label this a critique of Keynesian economics. The postulate of immutable economic structures carries Tinbergen's approach to the extreme and neglects the possibility of slowly changing structures, as conceived by Marshall. The position is defended by arguments about equilibrium and rationality that are admittedly empty.

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File URL: http://epub.ub.uni-muenchen.de/886/1/schlicht-macroeconomics.pdf
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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Discussion Papers in Economics with number 886.

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Date of creation: Feb 2006
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Handle: RePEc:lmu:muenec:886

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Keywords: macroeconomics; real business cycles; Lucas critique; Marshall; Keynes; Tinbergen; time-varying coefficients; adaptive estimation; Kalman filter; equilibrium;

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  1. Cooley, Thomas F & Prescott, Edward C, 1973. "An Adaptive Regression Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 364-71, June.
  2. Lindé, Jesper, 1999. "Testing for the Lucas Critique: A Quantitative Investigation," Working Paper Series in Economics and Finance 311, Stockholm School of Economics, revised 09 Mar 1999.
  3. Michael Athans, 1974. "The Importance of Kalman Filtering Methods for Economic Systems," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 3, number 1, pages 49-64 National Bureau of Economic Research, Inc.
  4. Laurence Ball & N. Gregory Mankiw, 2002. "The NAIRU in Theory and Practice," Harvard Institute of Economic Research Working Papers 1963, Harvard - Institute of Economic Research.
  5. Robert E. Lucas, Jr. & Thomas J. Sargent, 1979. "After Keynesian macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr.
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