We study the question of convergence to steady state in a continuous time deterministic model SN (neoclassical synthesis). The review is based on a scheme of perfect foresight for the expected inflation rate. The analysis allows us to draw two conclusions. First, the flexibility of prices is not...

Modigliani's 1944 "Econometrica" article is considered one of the most important efforts to reconcile Keynes with classical economic thinking. The aim of this paper is to reconstruct the genesis of Modigliani's article and to reexamine its place in the construction of Neoclassical Synthesis....

Paul Samuelson is probably the most important economist of the second half of the twentieth century. His research publications; his introductory textbook; his articles on topical questions of economic policy; and his interactions with numerous students, colleagues, policy makers, and the wider...

Léon Dupriez was sharply critical of the methodology of macroeconomics in his days. Further developments since then have been in the direction of meeting these criticisms. The new developments came from within macroeconomics, not from the critics. But the criticisms have been met only partly,...

Analysing the recent history of macroeconomics, my paper claims that the new classical revolution should be viewed as a substitution of Walrasian macroeconomics to the earlier prevailing Marshalian macroeconomics. The first part of the paper is concerned with two conceptual prerequisites, the...