Macroeconomic Confusion

Schlicht, Ekkehart (Februar 2006): Macroeconomic Confusion. A Marshallian Perspective. Münchener Wirtschaftswissenschaftliche Beiträge (VWL) 2006-6

Abstract

This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique," and that it is misleading to label this a critique of Keynesian economics. The postulate of immutable economic structures carries Tinbergen's approach to the extreme and neglects the possibility of slowly changing structures, as conceived by Marshall. The position is defended by arguments about equilibrium and rationality that are admittedly empty.

• Dokumententyp: Paper
• Keywords: macroeconomics; real business cycles; Lucas critique; Marshall; Keynes; Tinbergen; time-varying coefficients; adaptive estimation; Kalman filter; equilibrium
• Fakultät: Volkswirtschaft ; Volkswirtschaft > Munich Discussion Papers in Economics ; Volkswirtschaft > Munich Discussion Papers in Economics > Makroökonomik ; Volkswirtschaft > Munich Discussion Papers in Economics > Geschichte der Lehrmeinungen ; Volkswirtschaft > Lehrstühle > Seminar für Theorie und Politik der Einkommensverteilung (aufgelöst)
• Themengebiete: 300 Sozialwissenschaften > 300 Sozialwissenschaft, Soziologie ; 300 Sozialwissenschaften > 330 Wirtschaft
• JEL Classification: E1, B22
• Ort: Tübingen
• Sprache: Englisch