Recent Developments in Macroeconomics: a Very Quick Refresher Course
30 Pages Posted: 6 Apr 2007 Last revised: 7 Oct 2022
Date Written: December 1987
Abstract
This paper outlines the major developments in macroeconomics over the past two decades. It examines the reasons for the breakdown in the consensus view of the 1960s and how this breakdown has guided research in macroeconomics. The introduction and importance of "rational expectations" are discussed, as are recent advances within the new classical and new Keynesian paradigms.
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