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Hoover, Kevin D. - 2012

The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding … classical macroeconomics) to Keynes. The real story is more complicated and involves at least two distinct threads. Keynes was … central. Keynes's vision of macroeconomics is better described as "medical." It is based in human psychology and individual …

Persistent link: https://www.econbiz.de/10011592196

Between Pigou and Keynes: Champernowne on employment and expectations

Boianovsky, Mauro - 2017

The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (1933) and Keynes (1936) about … employment determination. Champernowne agreed with Keynes that workers can only bargain for a money-wage, but argued that, to the …

Persistent link: https://www.econbiz.de/10011761437

The Monetary Economy and the Economic Crisis

Laidler, David - 2011

analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …

Persistent link: https://www.econbiz.de/10011592187

Wicksell, secular stagnation and the negative natural rate of interest

Boianovsky, Mauro - 2016

Knut Wicksell's concept of the natural (or neutral) rate of interest, introduced between the end of the 19th and beginning of the 20th centuries, has played an important role in modern monetary macroeconomics, especially after the development of inflation targeting policy in the 1990s. More...

Persistent link: https://www.econbiz.de/10011613807

Managing the Loss: How Pigou Arrived at the Pigou Effect

Takami, Norikazu - 2011

The Pigou effect was conceived to counter Keynes's argument that a competitive economy could remain in the state of … high unemployment. Before he introduced this idea, Pigou had debated with Keynes the same question of whether an economy …

Persistent link: https://www.econbiz.de/10011592189

Was Harrod Right?

Hoover, Kevin D. - 2012

Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...

Persistent link: https://www.econbiz.de/10011592190

Solow's Harrod: Transforming Cyclical Dynamics into a Model of Long-run Growth

Halsmayer, Verena; Hoover, Kevin D. - 2013

Persistent link: https://www.econbiz.de/10011592200

In the Kingdom of Solovia: The Rise of Growth Economics at MIT, 1956-1970

Boianovsky, Mauro; Hoover, Kevin D. - 2013

From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Solow's seminal neoclassical...

Persistent link: https://www.econbiz.de/10011592202

MIT's Openness to Jewish Economists

Weintraub, E. Roy - 2013

MIT emerged from "nowhere" in the 1930s to its place as one of the three or four most important sites for economic research by the mid-1950s. A conference held at Duke University in April 2013 examined how this occurred. In this paper the author argues that the immediate postwar period saw a...

Persistent link: https://www.econbiz.de/10011592203

James Tobin and Modern Monetary Theory

Dimand, Robert W. - 2014

This paper examines the relationship of the monetary economics of James Tobin to modern monetary theory, which has diverged in many ways from the directions taken by Tobin and his associates (for example, moving away from multi-asset models of financial market equilibrium and from monetary...

Persistent link: https://www.econbiz.de/10011592224