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,...

Axel Leijonhufvud's On Keynesian Economics and the Economics of Keynes (1968) was a seminal contribution to the literature on what came to be known as the micro-foundations of macro-economics, but its Marshallian approach, which involved analysing the disequilibrium dynamics of markets in which...

Purpose – The purpose of this paper is to study the short-term macroeconomic effects of the fiscal policy in Colombia for the 1980-2007 period using a structural vector autoregression (SVAR) model. Design/methodology/approach – The authors' benchmark is a five-variable SVAR model which...

The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the European Commission. These changes, touted by...

The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the European Commission. These changes, touted by...