A History of Macroeconomics from Keynes to Lucas and Beyond

This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian – or dynamic stochastic general equilibrium (DSGE) – era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.

Product details

Hardcover : 199 pages
Title : A History of Macroeconomics from Keynes to Lucas and Beyond
Language : English
ISBN-10 : 1107584949
Ranting : 3.9

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History of macroeconomic thought
Modern macroeconomics can be said to have begun with Keynes and the publication of his book The General Theory of Employment, Interest and Money in 1936. Keynes expanded on the concept of liquidity preferences and built a general theory of how the economy worked.
A History of Macroeconomics from Keynes to Lucas and
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian or dynamic stochastic general equilibrium (DSGE) era, each ruled by distinct methodological standards.
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In his book, A History of Macroeconomics from Keynes to Lucas and Beyond, author Michel De Vroey draws a contrast between two eras in the history of modern macroeconomics: the Keynesian era, starting with Keynes’s General Theory, and the DSGE (standing for dynamic stochastic general equilibrium) era, inaugurated by Lucas. They are ruled by distinct methodological standards.
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