Recent Developments in Macroeocnomics

90 Pages Posted: 6 Apr 2007 Last revised: 4 Apr 2015

See all articles by Stanley Fischer

Stanley Fischer

Bank of Israel; National Bureau of Economic Research (NBER); International Monetary Fund (IMF)

Date Written: December 1987


This paper surveys much of modern macroeconomics. The focus is on the core macroeconomic issue, of the reasons for macroeconomic fluctuations and sometimes persistent unemployment. To provide continuity and perspective on how promising research leads of the past turned out, the paper starts by summarizing developments since the Barro-Fischer (1976) survey of monetary economics. Sections III and IV develop in some detail the current representations of the two basic approaches to macroeconomics: the equilibrium business cycle approach and new Keynesianism respectively. Brief sketches of developments in several areas of research in Section V broaden the coverage. Section VI contains concluding comments.

Suggested Citation

Fischer, Stanley, Recent Developments in Macroeocnomics (December 1987). NBER Working Paper No. w2473, Available at SSRN:

Stanley Fischer (Contact Author)

Bank of Israel ( email )

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National Bureau of Economic Research (NBER)

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International Monetary Fund (IMF) ( email )

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