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Woodford, Michael. 2009. "Convergence in Macroeconomics: Elements of the New Synthesis."
,
1(1): 267-79.
Show Article Details
DOI: 10.1257/mac.1.1.267
Abstract:While macroeconomics is often thought of as a deeply divided field,
with less of a shared core and correspondingly less cumulative progress
than other areas of economics, in fact, there are fewer fundamental
disagreements among macroeconomists now than in past
decades. This is due to important progress in resolving seemingly
intractable debates. In this paper, I review some of those debates
and outline important elements of the new synthesis in macroeconomic
theory. I discusses the extent to which the new developments
in theory and research methods are already affecting macroeconomic
analysis in policy institutions. (JEL A11, E00)
Authors:
Woodford, Michael (Columbia U)
JEL Classifications:
A11: Role of Economics; Role of Economists
E00: Macroeconomics and Monetary Economics: General
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