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Macroeconomics After Two Decades of Rational Expectations / Bennett T. McCallum.
- Format:
- Book
- Author/Creator:
- McCallum, Bennett T.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4367.
- NBER working paper series no. w4367
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1993.
- Summary:
- This expository paper describes major developments during the second decade of rational-expectations macroeconomics, roughly 1982-1991. Topics attracting the most attention from researchers differed from those of 1972-1981, with considerable emphasis being devoted to technical mailers. Here the discussion focuses on four prominent areas: real business cycle analysis, growth theory and its empirical application, issues involving unit roots in macroeconomic time series, and sticky-price models of aggregate supply. The paper concludes by arguing that the current state of knowledge in macroeconomics is not as bad as is often suggested.
- Notes:
- Print version record
- May 1993.
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