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
