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Getting rid of Keynes ? A survey of the history of macroeconomics from Keynes to Lucas and beyond

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  • Michel De Vroey

    ()

    (University of Louvain)

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    Abstract

    The aim of this paper is to recount the ebbs and flows of Keynesianism over the history of macroeconomics. The bulk of the paper consists of a discussion of the main episodes of the unfolding of macroeconomics (Keynesian macroeconomics, monetarism, new classical macroeconomics, real business cycle models and new neoclassical synthesis models) against the background of a distinction between Keynesianism as a ‘moderately conservative’ (Keynes’s words) vision about the working of the market system and as a conceptual apparatus. Particular attention is given to the contrast between Keynesian and Lucasian macroeconomics. The paper ends with a few remarks about the impact of the present crisis on the development of macroeconomic theory

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    Paper provided by National Bank of Belgium in its series Working Paper Research with number 187.

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    Length: 34 pages
    Date of creation: Apr 2010
    Handle: RePEc:nbb:reswpp:201004-02
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    Keywords: Keynes; Lucas; history of macroeconomics;

    Find related papers by JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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