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Recent Developments in Macroeconomics: A Very Quick Refresher Course

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  • Mankiw, N Gregory

Abstract

This paper outlines the major developments in macroeconomics over the past two decades. It examines the reasons for the breakdown in the consensus view of the 1960s and how this breakdown has guided research in macroeconomics. The introduction and importance of "rational expectations" are discussed, as are recent advances within the new classical and new Keynesian paradigms. Copyright 1988 by Ohio State University Press.

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  • Mankiw, N Gregory, 1988. "Recent Developments in Macroeconomics: A Very Quick Refresher Course," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 436-449, August.
  • Handle: RePEc:mcb:jmoncb:v:20:y:1988:i:3:p:436-49
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    2. Eric M. Leeper & Christopher A. Sims, 1994. "Toward a Modern Macroeconomic Model Usable for Policy Analysis," NBER Chapters, in: NBER Macroeconomics Annual 1994, Volume 9, pages 81-140, National Bureau of Economic Research, Inc.
    3. Karin Jürgensen & Francisco Rosende, "undated". "Hayek y el Ciclo Económico: Una Revisión a la Luz de la Macroeconomía Moderna," Documentos de Trabajo 154, Instituto de Economia. Pontificia Universidad Católica de Chile..
    4. Pesaran, M. Hashem & Smith, Ron, 1995. "The role of theory in econometrics," Journal of Econometrics, Elsevier, vol. 67(1), pages 61-79, May.
    5. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, November.
    6. Vivien Levy-Garboua, 1992. "Pourquoi la prévision modélisée déçoit-elle ?," Revue Économique, Programme National Persée, vol. 43(4), pages 591-602.
    7. Isidro Hernández Rodríguez, 2015. "Economía política de la tributación en Colombia," Books, Universidad Externado de Colombia, Facultad de Economía, edition 1, number 70, July.
    8. William R. White, 2013. "Is Monetary Policy a Science? The Interaction of Theory and Practice over the Last 50 Years," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 3, pages 73-116, SUERF - The European Money and Finance Forum.
    9. Valadkhani, Abbas, 2005. "Macroeconometric Modelling: Approaches and Experiences in Developing Countries," Economics Working Papers wp05-10, School of Economics, University of Wollongong, NSW, Australia.
    10. Holmøy, Erling, 2016. "The development and use of CGE models in Norway," Journal of Policy Modeling, Elsevier, vol. 38(3), pages 448-474.
    11. Valadkhani, A., 2005. "Macroeconomic Modelling: Approaches and Experiences in Development Countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 5(1).
    12. Quigley, Neil & Evans, Lewis, 1999. "Contracting, Incentives for Breach, and the Impact of Competition," Working Paper Series 3929, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    13. Franz, Wolfgang, 1993. "Unvollkommene Arbeitsmärkte in makroökonomischen Modellen: Eine Übersicht," Discussion Papers 1, University of Konstanz, Center for International Labor Economics (CILE).
    14. Romero, Carlos A., 2009. "Calibración de modelos de equilibrio general computado: Métodos y práctica usual [Calibration of CGE models: Methods and current practice]," MPRA Paper 17767, University Library of Munich, Germany.
    15. Tobias F. Rötheli, 1990. "Money Supply and Money Demand Determinants of Swiss Inflation," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(I), pages 1-15, March.
    16. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.
    17. Buchanan, Neil H., 2008. "How realistic is the supply/demand equilibrium story: A simple demonstration of false trading and its implications for market equilibrium," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 400-415, February.

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