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Contemporary Macroeconomic Theory

Ernesto Screpanti, Stéfano Zamagni

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Abstract

Abstract The first of three chapters dedicated to the post-war period. Compares and contrasts the 'neoclassical synthesis' and the monetarist counter-revolution. Shows the rational expectation revolution as an offspring of Friedman's approach. Considers the non-Walrasian equilibrium theory and analyses the research programme of microfoundations of macroeconomics in some detail. Finally, assesses the post-Keynesian and new Keynesian approaches.

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Abstract The first of three chapters dedicated to the post-war period. Compares and contrasts the 'neoclassical synthesis' and the monetarist counter-revolution. Shows the rational expectation revolution as an offspring of Friedman's approach. Considers the non-Walrasian equilibrium theory and analyses the research programme of microfoundations of macroeconomics in some detail. Finally, assesses the post-Keynesian and new Keynesian approaches.

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Available abstract

Abstract The first of three chapters dedicated to the post-war period. Compares and contrasts the 'neoclassical synthesis' and the monetarist counter-revolution. Shows the rational expectation revolution as an offspring of Friedman's approach. Considers the non-Walrasian equilibrium theory and analyses the research programme of microfoundations of macroeconomics in some detail. Finally, assesses the post-Keynesian and new Keynesian approaches.

Key concepts: Microfoundations, Keynesian economics, Economics, Monetarism, New Keynesian economics, New classical macroeconomics, Post-Keynesian economics, Neoclassical economics

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