Solow's Struggle with Medium-Run Macro-Economics: 1956-1995

CHOPE Working Paper No. 2013-17

47 Pages Posted: 18 Sep 2013

See all articles by Michaël Assous

Michaël Assous

University of Paris 1, Pantheon-Sorbonne - Department of Economics

Date Written: August 2013

Abstract

Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macro-economics of the medium-run. This paper recounts the history of Solow’s different attempts to address this issue. It starts in early 1950s when Solow developed his long-run growth model and it ends in the mid 1990s with the publication of 'A Critical Essay on Modern Macro-Economic Theory' co-written with Frank Hahn. This narrative involves different economists associated with various research traditions, going from the neo-classical synthesis in the 1960s, the New Classical Economics in the 1970s and the New Keynesianism in the 1980s.

Keywords: economic growth, Robert Solow, medium-run macro-economics, dynamics, multiple equilibria

JEL Classification: B22, O4, E12, E13, N1, B31

Suggested Citation

Assous, Michaël, Solow's Struggle with Medium-Run Macro-Economics: 1956-1995 (August 2013). CHOPE Working Paper No. 2013-17, Available at SSRN: https://ssrn.com/abstract=2327204 or http://dx.doi.org/10.2139/ssrn.2327204

Michaël Assous (Contact Author)

University of Paris 1, Pantheon-Sorbonne - Department of Economics ( email )

17, rue de la Sorbonne
Paris, IL 75005
France

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