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The Absorption of Macroeconomics by Microeconomics

Author

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  • Ghislain Deleplace

    () (Universidad Paris 8)

Abstract

The aim of this article is to analyze the dominant tendency in the history of macroeconomics. It attempts to identify the two routes that research on the microeconomic foundations of macroeconomics has followed. On the one hand, the relation between employment, wages and inflation (the route indicated by Friedman); on the other hand, the existence of rigidities or a monetary restriction (the route indicated by Clower).

Suggested Citation

  • Ghislain Deleplace, 2008. "The Absorption of Macroeconomics by Microeconomics," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 69, pages 245-298, Julio-Dic.
  • Handle: RePEc:lde:journl:y:2008:i:69:p:245-298
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    More about this item

    Keywords

    IS-LM model; Phillips’ curve; constraint à la Clower; fixed prices equilibrium; nominal rigidities;

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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