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Hoover, Kevin D. - 2012

The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding macroeconomics, and the central developments in the field through the early 1970s, including large-scale macroeconometric models are usually termed "Keynesian." The story of...

Persistent link: https://www.econbiz.de/10011708002

Karl Brunner's philosophy of science : macroeconomics through the lens of logical empiricism

Hoover, Kevin D. - 2018

Best known as a monetary economist and prominent proponent of monetarism, Karl Brunner was deeply knowledgeable about the philosophy of science and attempted to explicitly integrate logical empiricist thinking, derived in some measure from his engagement with the work of the philosopher Hans...

Persistent link: https://www.econbiz.de/10011903527

Paul Samuelson's ways to macroeconomic dynamics

Boianovsky, Mauro - 2019

Samuelson kept optimization-based problems separated from macroeconomic dynamics in his Foundations, where dynamics were defined in terms of difference and differential equations. Despite some criticism of his "correspondence principle" of stability analysis by D.F. Gordon, D. Patinkin and...

Persistent link: https://www.econbiz.de/10012003226

Macroeconometric modeling as a "photographic description of reality" or as an "engine for the discovery of concrete truth"? : Friedman and Klein on statistical illusions

Pinzón-Fuchs, Erich - 2016

This paper discusses a longstanding debate between two empirical approaches to macroeconomics: the econometrics program represented by Lawrence R. Klein, and the statistical economics program represented by Milton Friedman. I argue that the differences between these two approaches do not consist...

Persistent link: https://www.econbiz.de/10011609690

Macroeconometric modeling and the SSRC's Committee on Economic Stability, 1959-1963

Acosta, Juan; Pinzón-Fuchs, Erich - 2018

We study the construction of the macroeconometric model of the Committee on Economic Stability (CES) of the Social Science Research Council (SSRC) in the early 1960s using the CES's archival records. Building this model was central not only to set the bases for the subsequent construction of...

Persistent link: https://www.econbiz.de/10011843348

A micro foundational episode of the early history of macroeconomics : a 1932 debate on Walrasian economics and multiple equilibria

Assous, Michaël; Carret, Vincent - 2023

This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that two firms could be stuck in a “bad” equilibrium in the absence of a coordinated action to...

Persistent link: https://www.econbiz.de/10014474723

Clower's about-face regarding the "Keynesian Revolution"

Plassard, Romain - 2015

Robert W. Clower's article "The Keynesian Counter - Revolution: A Theoretical Appraisal" (1965) deeply influenced the course of Keynesian macroeconomics by contributing to the transition from IS/LM macroeconomics to fix - price theories. Des pite this influence, no scholar proposed to explain...

Persistent link: https://www.econbiz.de/10011602774

Disequilibrium as the origin, originality, and ambivalences of Clower's microfoundations of monetary theory

Plassard, Romain - 2016

Robert W. Clower's article "A Reconsideration of the Microfoundations of Monetary Theory" (1967) deeply influenced the … monetary and Walrasian value theory. On the other hand, it was the fountainhead of the cash-in-advance models à la Robert J …. Lucas (1980), one of the most widely used approaches to monetary theory since the 1980s. Despite this influence, there is no …

Persistent link: https://www.econbiz.de/10011609470

Reassessing contemporary macroeconomics on methodological grounds : a Weberian approach

Galbács, Peter - 2016

Through this paper I try to join the lively debate around mainstream economics with a view to calling attention to some methodological aspects. It is aimed at outlining an interpretation based on Max Weber's traditional neoclassical methodology that can help us to find the adequate territory of...

Persistent link: https://www.econbiz.de/10011609829

Solow's struggle with medium-run macroeconomics : 1956-1995

Assous, Michaël - 2013

publication of A Critical Essay on Modern Macroeconomic Theory co-written with Frank Hahn. This narrative involves different …

Persistent link: https://www.econbiz.de/10011706942