Whats Right with Macroeconomics?

Description

Edward Elgar Pub, 2013. – 256 p. – ISBN: 178100739X, 1781007446, 9781781007396Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It questions how the field of economics - still reeling from the global financial crisis initiated in the summer of 2007 - will respond. The contributors, nine highly-renowned macroeconomists, highlight the virtues of eclectic macroeconomics over an authoritarian normative approach, and illustrate that macroeconomic reasoning can still be a useful tool for carrying out practical policy analysis. As for emerging research programmes, their wide-ranging chapters remind us that there are positive approaches to and reasons to believe in old-fashioned macroeconomics. This challenging and thought-provoking book will prove a stimulating read for researchers, academics and students of economics, as well as for professional economists.Contents: List of figures and tables List of contributors Preface Acknowledgements About the series: Professor Robert M. Solow Introduction: passing the smell test – Robert M. Solow and Jean- Philippe Touffut The fireman and the architect – Xavier Timbeau Model comparison and robustness: a proposal for policy analysis after the financial crisis – Volker Wieland The ‘hoc’ of international macroeconomics after the crisis – Giancarlo Corsetti Try again, macroeconomists – Jean- Bernard Chatelain Economic policies with endogenous innovation and Keynesian demand management – Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini Booms and busts: New Keynesian and behavioural explanations – Paul De Grauwe The economics of the laboratory mouse: where do we go from here? – Xavier Ragot Round table discussion: where is macro going? – Wendy Carlin, Robert J. Gordon and Robert M. SolowIndex