Macroeconomics after Two Decades of Rational Expectations

34 Pages Posted: 9 Jun 2004

See all articles by Bennett T. McCallum

Bennett T. McCallum

Carnegie Mellon University - David A. Tepper School of Business; National Bureau of Economic Research (NBER)

Date Written: May 1993

Abstract

This expository paper describes major developments during the second decade of rational-expectations macroeconomics, roughly 1982-1991. Topics attracting the most attention from researchers differed from those of 1972-1981, with considerable emphasis being devoted to technical mailers. Here the discussion focuses on four prominent areas: real business cycle analysis, growth theory and its empirical application, issues involving unit roots in macroeconomic time series, and sticky-price models of aggregate supply. The paper concludes by arguing that the current state of knowledge in macroeconomics is not as bad as is often suggested.

Suggested Citation

McCallum, Bennett T., Macroeconomics after Two Decades of Rational Expectations (May 1993). NBER Working Paper No. w4367, Available at SSRN: https://ssrn.com/abstract=227974

Bennett T. McCallum (Contact Author)

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