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

Abstract

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

De Vroey, Michel, Getting Rid of Keynes? A Survey of the History of Macroeconomics from Keynes to Lucas and Beyond (April 2, 2010). National Bank of Belgium Working Paper No. 187. Available at SSRN: https://ssrn.com/abstract=1680771 or http://dx.doi.org/10.2139/ssrn.1680771

Michel De Vroey (Contact Author)

Catholic University of Louvain ( email )

Place Montesquieu, 3
Louvain-la-Neuve, 1348
Belgium

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