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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
Lucas a prominent role in shaping the recent developments in the area. According to it, his followers were initially split … Cherrier and Saïdi (2015). As a reaction to Lucas's 1972 policy ineffectiveness results, based on an overlapping generations … (Lucas’s PhD student). Here, the OLG was the workhorse model. Following from these works, a number of authors, including …
Persistent link: https://www.econbiz.de/10011610321
. 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
I examine John Maynard Keynes' struggle with the doctrine of the classical forced saving during the period 1924 … classical school. I primarily focus on the role of discussion and criticism in the development of Keynes' thought. I investigate … what led John Maynard Keynes to completely abolish ideas related to forced saving and place his emphasis on effective …
Persistent link: https://www.econbiz.de/10011707330
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/10011708002
Shock is a term of art that pervades modern economics appearing in nearly a quarter of all journal articles in economics and in nearly half in macroeconomics. Surprisingly, its rise as an essential element in the vocabulary of economists can be dated only to the early 1970s. The paper traces the...
Persistent link: https://www.econbiz.de/10011603670
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/10011708307
John Maynard Keynes's philosophical outlook evolved from the outbreak of the Great War in 1914 up until the publication … of his A Treatise on Probability in 1921. The evolution of Keynes's philosophical perspectives was closely intertwined … counted Keynes among its members. These debates were spurred by the outbreak of the Great War and the presentation of Clive …
Persistent link: https://www.econbiz.de/10014419547
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/10011609479
The paper presents Kenneth Arrow’s interpretation of the competitive general equilibrium model, arguing he used it to articulate an ambitious critique of what he called the 'neoclassical theory.' Without arguing that Arrow’s account of neoclassical theory was correct, I explore how Arrow was...
Persistent link: https://www.econbiz.de/10014474897