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A Short Review Of Macroeconomics Development

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Author Info
Bernal, Humberrto
Abstract

Resumen El objetivo de este documento es entender, clasificar y proporcionar un importante resumen de los rasgos fundamentales de la macroeconomía con fundamentos microeconómicos y la macroeconomía como soporte de la microeconomía. Este documento puede ser interesante para aquellos que desean entender como estas dos escuelas macroeconómicas se han desarrollado. Macroeconomía con fundamento microeconómicos presenta cuatro ramas: la Síntesis Neoclásica, Monetaristas, Nuevos Clásicos y Real Business, mientras la macroeconomía como soporte de la microeconomía solo presenta la rama de los Nuevos Keynesianos. Aunque estas escuelas tienen sus ideas particulares, cada rama las usa con diferentes propósitos. Aunque el desarrollo del pensamiento macroeconómico ha mostrado diferentes puntos de vista que han generado debate dentro del campo, los economistas, con el tiempo, han tomado en cuenta estas diferencias para generar nuevas ideas. Por ejemplo, actualmente la mayoría de los economistas han escrito economía aplicada y teórica teniendo en cuenta la noción de equilibrio y fallas del mercado. Abstract The aim of this paper is to understand, classify and thus provide an important summary of fundamental features of Macroeconomics with microeconomics backgrounds and Macroeconomics as a background of microeconomics. It could be particularly interesting for those who wish to understand how these two macroeconomics schools of thought have developed. Macroeconomics with microeconomics backgrounds has four branches: Neoclassical Synthesis, Monetarist, New Classical and Real Business, whereas Macroeconomics as a background of microeconomics just has the New Keynesians branch. Even though these schools have their own particular ideas, each branch uses them for a different purpose. Although the development of macroeconomic thought has shown different views what have arisen interesting debates in economic field, economists have taken into account these different views to come up with new ideas throughout time. For instance, now days most economists have written applied and theory work bearing in mind equilibriums and fails of the market. JEL- Classification: B22 , B23, N1

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6883.

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Date of creation: 15 Dec 2007
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Handle: RePEc:pra:mprapa:6883

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Related research
Keywords: Macroeconomics Macroeconomics schools of thought Microeconomics Expectations.

Find related papers by JEL classification:
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Quantitative and Mathematical
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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  1. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February. [Downloadable!] (restricted)
  2. Sargent, Thomas J., 1996. "Expectations and the nonneutrality of Lucas," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 535-548, June. [Downloadable!] (restricted)
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  3. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-34, June.
  4. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November. [Downloadable!] (restricted)
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  5. Olivier Blanchard, 2000. "What Do We Know About Macroeconomics That Fisher And Wicksell Did Not?," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1375-1409, November. [Downloadable!] (restricted)
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  6. Mankiw, N Gregory, 1990. "A Quick Refresher Course in Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1645-60, December. [Downloadable!] (restricted)
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