The state of macro /
For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battle field. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one has...
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| Format: | Book |
| Language: | English |
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Cambridge, MA :
Massachusetts Institute of Technology, Dept. of Economics,
[2008]
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| Series: | Working paper (Massachusetts Institute of Technology. Department of Economics) ;
no. 08-17 |
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| Summary: | For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battle field. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one has come with the destruction of some knowledge, and suffers from extremism and herding. None of this is deadly however. The state of macro is good. The first section sets the stage with a brief review of the past. The second argues that there has been broad convergence in vision, and the third reviews the specifics. The fourth focuses on convergence in methodology. The last looks at current challenges. Keywords: Macroeconomics, shocks, propagation mechanisms, fluctuations. JEL Classifications: E20, E30, E40 |
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| Item Description: | "August 12, 2008." |
| Physical Description: | 31 p. ; 28 cm Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network |
| Bibliography: | Includes bibliographical references (p. 28-31) |