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Macroeconomics - Which Way Now?

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  • Torben M. Andersen

Abstract

Recent developments in macroeconomics are reviewed, and it is argued that a better understanding of the role of market failures and institutions is a major achievement. The insights in when and how policy intervention may be called for have thus been improved. However, the progress does not imply that we are approaching a situation where business cycles can be “controlled”; rather it implies that we better understand why this would be very difficult if not impossible.

Suggested Citation

  • Torben M. Andersen, 2004. "Macroeconomics - Which Way Now?," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 30, pages 3-9.
  • Handle: RePEc:noj:journl:v:30:y:2004:p:3-9
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    File URL: http://www.nopecjournal.org/NOPEC_2004_a01.pdf
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    References listed on IDEAS

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    1. Taylor, John B., 1999. "Staggered price and wage setting in macroeconomics," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 15, pages 1009-1050 Elsevier.
    2. Cogley, Timothy & Nason, James M, 1995. "Output Dynamics in Real-Business-Cycle Models," American Economic Review, American Economic Association, vol. 85(3), pages 492-511, June.
    3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    4. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-320, June.
    5. Andrew S. Caplin & Daniel F. Spulber, 1987. "Menu Costs and the Neutrality of Money," The Quarterly Journal of Economics, Oxford University Press, vol. 102(4), pages 703-725.
    6. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
    7. Hahn, Frank, 1981. "Reflections on the Invisible Hand," The Warwick Economics Research Paper Series (TWERPS) 196, University of Warwick, Department of Economics.
    8. Taylor, John B., 1999. "Staggered price and wage setting in macroeconomics," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 15, pages 1009-1050 Elsevier.
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    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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