IDEAS home Printed from
   My bibliography  Save this paper

Short period and long period in macroeconomics: an awkward distinction


  • Eleonora Sanfilippo


Abstract: The aim of this paper is to show that the use and meaning of the well-known concepts of short period and long period is often unclear and may be seriously misleading when applied to macroeconomic analysis. Evidence of this confusion emerges through examination of four macroeconomics textbooks and reappraisal of the interpretative debate - which took place mainly in the 1980s and 1990s - aiming at establishing whether Keynes’s General Theory should be considered as a short- or long-period analysis of the aggregate level of production. Having explored some possible explanations for the difficulties in defining and applying these methodological tools at a ‘macro’ level, the conclusion is suggested that it would be preferable to abandon this terminology in classifying different aggregate models and simply to make explicit the given factors, independent and dependent variables in each model in use, exactly as Keynes did in Chapter 18 of his major work.

Suggested Citation

  • Eleonora Sanfilippo, 2008. "Short period and long period in macroeconomics: an awkward distinction," Departmental Working Papers of Economics - University 'Roma Tre' 0095, Department of Economics - University Roma Tre.
  • Handle: RePEc:rtr:wpaper:0095

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rtr:wpaper:0095. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Telephone for information). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.