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Convergence? Thoughts about the Evolution of Mainstream Macroeconomics over the Last 40 Years

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  • Olivier Blanchard

Abstract

This year marks the fortieth anniversary of the NBER Macroeconomics Annual Conference, founded in 1986. This paper reviews the evolution of mainstream macroeconomics since then. It presents my views, informed by a survey of a number of researchers who have made important contributions to the field. I develop two main arguments.

Suggested Citation

  • Olivier Blanchard, 2026. "Convergence? Thoughts about the Evolution of Mainstream Macroeconomics over the Last 40 Years," NBER Macroeconomics Annual, University of Chicago Press, vol. 40(1), pages 1-19.
    • Handle: RePEc:ucp:macann:doi:10.1086/738939
    DOI: 10.1086/738939
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    Cited by:

    1. is not listed on IDEAS
    2. Giorgio Fabbri & Davide Fiaschi & Cristiano Ricci, 2025. "The Invisible Hand as an Emergent Property," LIDAM Discussion Papers IRES 2025013, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Giorgio Fabbri & Davide Fiaschi & Cristiano Ricci, 2025. "The invisible hand as an emergent property: a gradient flow approach," Papers 2508.14498, arXiv.org.
    4. Damiano Di Francesco & Omar Pietro Carnevale, 2025. "Are Hysteresis Effects Nonlinear?," LEM Papers Series 2025/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    5. Li, Mingzhe, 2025. "A Theory of Portfolio Choice for Heterogeneous Investors," MPRA Paper 126642, University Library of Munich, Germany, revised 29 Oct 2025.

    More about this item

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • 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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