By Michel De Vroey
This booklet retraces the heritage of macroeconomics from Keynes's common idea to the current. principal to it's the distinction among a Keynesian period and a Lucasian - or dynamic stochastic common equilibrium (DSGE) - period, each one governed through certain methodological criteria. within the Keynesian period, the ebook reports the subsequent theories: Keynesian macroeconomics, monetarism, disequilibrium macroeconomics (Patinkin, Leijongufvud and Clower), non-Walrasian equilibrium types, and first-generation new Keynesian versions. 3 phases are pointed out within the DSGE period: new classical macroeconomics (Lucas), RBC modelling, and second-generation new Keynesian modeling. The publication additionally examines a couple of chosen works aimed toward offering choices to Lucasian macroeconomics. whereas now not eschewing analytical content material, Michel De Vroey makes a speciality of great exams, and the types studied are awarded in a pedagogical and brilliant but severe method.
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Additional info for A History of Macroeconomics
As a result, it must be concluded that the wage rate, which firms ha ve integrated in the calculation of their optimal planning, is the market-clearing wage rate. 18 · 19 MC is marginal cost, AC average cost, MR marginal revenue, andAR average revenue or price. According to Kregel (1976), Keynes's program consisted of three interlocked models. The first is based on the assumptions that short-period expectations are always realized and are independent from long-term expectarions. The former are assumed to be relevant for output dedsions, and hence for employment, the latter for investment decisions.
This enables the aggregate demand line to shift up to the point where it intersects with aggregate supply at its kink. When this point is reached, full employment is achieved. , leaving output unchanged. The so-called Keynesian cross or income-expenditure graph is the standard way of capturing the above reasoning. 3, where N is employment, N* the leve! of employment as determined by effective demand, and NFE full employment. A standard representation of Keynes's argumentation is as follows. o + I(r) In view of the importance of the nominal wage rigidity assumption, it is worth quoting the passage where Keynes justifies introducing it: "In this sumrnary we shall assume that the money~ wage and other factor costs are constant per unir of labor employed.
Hence, the origin is also part of the labor supply. When n is supposed to refer to a representative agent, it means hours worked (intensive margin). In this case, the perfectly elastic section of the supply curve represents a situation in which consumption and leisure are perfect substitutes.