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Preface to the Chinese Edition of A History of Macroeconomics from Keynes to Lucas and Beyond

Author

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  • Michel De Vroey

    () (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

In this preface, I reflect on the evolution of macroeconomics in the wake of the 2018 recession. I give a sketch of the developments that have taken place and assess the validity of some of the main criticisms that have been addressed to DSGE macroeconomics

Suggested Citation

  • Michel De Vroey, 2019. "Preface to the Chinese Edition of A History of Macroeconomics from Keynes to Lucas and Beyond," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2019006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvir:2019006
    as

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    File URL: https://sites.uclouvain.be/econ/DP/IRES/2019006.pdf
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    References listed on IDEAS

    as
    1. repec:aea:jecper:v:32:y:2018:i:3:p:31-58 is not listed on IDEAS
    2. Patrick J. Kehoe & Virgiliu Midrigan & Elena Pastorino, 2018. "Evolution of Modern Business Cycle Models: Accounting for the Great Recession," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 141-166, Summer.
    3. repec:aea:jecper:v:32:y:2018:i:3:p:3-30 is not listed on IDEAS
    4. Galí, Jordi, 2018. "The State of New Keynesian Economics: A Partial Assessment," CEPR Discussion Papers 13095, C.E.P.R. Discussion Papers.
    5. Jordi Galí, 2018. "The State of New Keynesian Economics: A Partial Assessment," NBER Working Papers 24845, National Bureau of Economic Research, Inc.
    6. Joseph E Stiglitz, 2018. "Where modern macroeconomics went wrong," Oxford Review of Economic Policy, Oxford University Press, vol. 34(1-2), pages 70-106.
    7. repec:aea:jecper:v:32:y:2018:i:3:p:87-112 is not listed on IDEAS
    8. Atif R. Mian & Amir Sufi, 2018. "Finance and Business Cycles: The Credit-Driven Household Demand Channel," NBER Working Papers 24322, National Bureau of Economic Research, Inc.
    9. repec:oup:oxford:v:34:y:2018:i:1-2:p:55-69. is not listed on IDEAS
    10. Mark Gertler & Simon Gilchrist, 2018. "What Happened: Financial Factors in the Great Recession," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 3-30, Summer.
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    More about this item

    Keywords

    History of macroeconomics; 2008 recession; DSGE macroeconomics; RBC model; New Keynesian model;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E - Macroeconomics and Monetary Economics
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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