Description
Book SynopsisGlobal 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.
Contributors include: W. Carlin, J.-B. Chatelain, G. Corsetti, P. De Grauwe, G. Dosi, G. Fagiolo,
R.J. Gordon, M. Napoletano, X. Ragot, A. Roventini, R.M. Solow, X. Timbeau, J.-P. Touffut, V. Wieland
Table of ContentsContents: Preface About the Series: Professor Robert M. Solow Introduction: Passing the Smell Test Robert M. Solow and Jean-Philippe Touffut 1. The Fireman and the Architect Xavier Timbeau 2. Model Comparison and Robustness: A Proposal for Policy Analysis after the Financial Crisis Volker Wieland 3. The ‘Hoc’ of International Macroeconomics after the Crisis Giancarlo Corsetti 4. Try Again, Macroeconomists Jean-Bernard Chatelain 5. Economic Policies with Endogenous Innovation and Keynesian Demand Management Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini 6. Booms and Busts: New Keynesian and Behavioural Explanations Paul De Grauwe 7. The Economics of the Laboratory Mouse: Where Do We Go from Here? Xavier Ragot 8. Round Table Discussion: Where is Macro Going? Wendy Carlin, Robert J. Gordon and Robert M. Solow Index
