Getting Rid of Keynes? A Survey of the History of Macroeconomics from Keynes to Lucas and Beyond
National Bank of Belgium Working Paper No. 187
34 Pages Posted: 23 Sep 2010 Last revised: 28 Sep 2010
Date Written: April 2, 2010
The aim of this paper is to recount the ebbs and flows of Keynesianism over the history of macroeconomics. The bulk of the paper consists of a discussion of the main episodes of the unfolding of macroeconomics (Keynesian macroeconomics, monetarism, new classical macroeconomics, real business cycle models and new neoclassical synthesis models) against the background of a distinction between Keynesianism as a ‘moderately conservative’ (Keynes’s words) vision about the working of the market system and as a conceptual apparatus. Particular attention is given to the contrast between Keynesian and Lucasian macroeconomics. The paper ends with a few remarks about the impact of the present crisis on the development of macroeconomic theory.
Keywords: Keynes, Lucas, history of macroeconomics
JEL Classification: B22
Suggested Citation: Suggested Citation