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Convergence in Macroeconomics: Elements of the New Synthesis

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  • Michael Woodford

Abstract

While macroeconomics is often thought of as a deeply divided field, with less of a shared core and correspondingly less cumulative progress than other areas of economics, in fact, there are fewer fundamental disagreements among macroeconomists now than in past decades. This is due to important progress in resolving seemingly intractable debates. In this paper, I review some of those debates and outline important elements of the new synthesis in macroeconomic theory. I discusses the extent to which the new developments in theory and research methods are already affecting macroeconomic analysis in policy institutions. (JEL A11, E00)

Suggested Citation

  • Michael Woodford, 2009. "Convergence in Macroeconomics: Elements of the New Synthesis," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 267-279, January.
  • Handle: RePEc:aea:aejmac:v:1:y:2009:i:1:p:267-79
    Note: DOI: 10.1257/mac.1.1.267
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    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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