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What’s Right with Macroeconomics?
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What’s Right with Macroeconomics?

9781781007396 Edward Elgar Publishing
Edited by Robert M. Solow, Institute Professor Emeritus, Massachusetts Institute of Technology, US, Co-founder and Chairman, Cournot Foundation, Paris, France and Jean-Philippe Touffut, Director, Cournot Centre, Paris, France
Publication Date: 2013 ISBN: 978 1 78100 739 6 Extent: 256 pp
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.

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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.
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
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