Paperback
What’s Right with Macroeconomics?
Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics – still reeling from the global financial crisis initiated in the summer of 2007 – will respond.
More Information
Contributors
Contents
More Information
Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics – still reeling from the global financial crisis initiated in the summer of 2007 – will respond.
The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics.
This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.
The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics.
This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.
Contributors
Contributors: W. Carlin, J.-B. Chatelain, G. Corsetti, P. De Grauwe, G. Dosi, G. Fagiolo, R.J. Gordon, M. Napoletano, X. Ragot, A. Roventini, R.M. Solow, X. Timbeau, J.-P. Touffut, V. Wieland
Contents
Contents:
Preface
About the Series:
Professor Robert M. Solow
Introduction: Passing the Smell Test
Robert M. Solow and Jean-Philippe Touffut
1. The Fireman and the Architect
Xavier Timbeau
2. Model Comparison and Robustness: A Proposal for Policy Analysis after the Financial Crisis
Volker Wieland
3. The ‘Hoc’ of International Macroeconomics after the Crisis
Giancarlo Corsetti
4. Try Again, Macroeconomists
Jean-Bernard Chatelain
5. Economic Policies with Endogenous Innovation and Keynesian Demand Management
Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini
6. Booms and Busts: New Keynesian and Behavioural Explanations
Paul De Grauwe
7. The Economics of the Laboratory Mouse: Where Do We Go from Here?
Xavier Ragot
8. Round Table Discussion: Where is Macro Going?
Wendy Carlin, Robert J. Gordon and Robert M. Solow
Index
Preface
About the Series:
Professor Robert M. Solow
Introduction: Passing the Smell Test
Robert M. Solow and Jean-Philippe Touffut
1. The Fireman and the Architect
Xavier Timbeau
2. Model Comparison and Robustness: A Proposal for Policy Analysis after the Financial Crisis
Volker Wieland
3. The ‘Hoc’ of International Macroeconomics after the Crisis
Giancarlo Corsetti
4. Try Again, Macroeconomists
Jean-Bernard Chatelain
5. Economic Policies with Endogenous Innovation and Keynesian Demand Management
Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini
6. Booms and Busts: New Keynesian and Behavioural Explanations
Paul De Grauwe
7. The Economics of the Laboratory Mouse: Where Do We Go from Here?
Xavier Ragot
8. Round Table Discussion: Where is Macro Going?
Wendy Carlin, Robert J. Gordon and Robert M. Solow
Index
