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What do we teach in Macroeconomics? Evidence of a theoretical divide

Author

Listed:
  • François Courtoy

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

  • Michel de Vroey

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

  • Riccardo Turati

    (Universitat Autonoma de Barcelona)

Abstract

This paper studies the way in which macroeconomics is taught at the undergraduate and graduate levels. Based on two sources of information, the world’s largest network of library content and services, the WorldCat data base, and a survey of the textbooks used for teaching at leading universities across the world, the paper provides an up-to-date description of macroeconomics teaching. Our results show a clear methodological divide: whereas IS-LM/AS-AD modeling is the theoretical core of undergraduate textbooks, graduate ones have the RBC model as their baseline model.

Suggested Citation

  • François Courtoy & Michel de Vroey & Riccardo Turati, 2021. "What do we teach in Macroeconomics? Evidence of a theoretical divide," LIDAM Discussion Papers IRES 2021023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:2021023
    as

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    File URL: https://sites.uclouvain.be/econ/DP/IRES/2021023(03).pdf
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    References listed on IDEAS

    as
    1. Pedro de Araujo & Roisin O’Sullivan & Nicole B. Simpson, 2013. "What Should be Taught in Intermediate Macroeconomics?," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(1), pages 74-90, March.
    2. De Vroey,Michel, 2016. "A History of Macroeconomics from Keynes to Lucas and Beyond," Cambridge Books, Cambridge University Press, number 9780521898430, September.
    3. Michel de Vroey, 2018. "The History of Recent Macroeconomics Through the Lens of the Marshall-Walras Divide," LIDAM Discussion Papers IRES 2018018, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
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    5. Mankiw, N Gregory, 1990. "A Quick Refresher Course in Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1645-1660, December.
    6. Ragnar Frisch, 1950. "Alfred Marshall's Theory of Value," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(4), pages 495-524.
    7. Samuel Bowles & Wendy Carlin, 2020. "What Students Learn in Economics 101: Time for a Change," Journal of Economic Literature, American Economic Association, vol. 58(1), pages 176-214, March.
    8. Manfred Gärtner & Björn Griesbach & Florian Jung, 2013. "Teaching Macroeconomics After the Crisis: A Survey Among Undergraduate Instructors in Europe and the United States," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(4), pages 406-416, October.
    9. N. Gregory Mankiw, 2020. "Reflections of a Textbook Author," Journal of Economic Literature, American Economic Association, vol. 58(1), pages 215-228, March.
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    12. Hoover, Kevin D, 1984. "Two Types of Monetarism," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 58-76, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Macroeconomics; textbooks; IS-LM/AS-AD; RBC;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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