The state of macro
By: Olivier J. Blanchard
Contributors: Massachusetts Institute of Technology. Dept. of Economics
Series: Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 08-17; Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 08-17.
Publisher: Massachusetts Institute of Technology, Dept. of Economics
Published: 2008
Place of publication: Cambridge, MA
Language: eng
Number of pages: 31
Description: For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battle field. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one has come with the destruction of some knowledge, and suffers from extremism and herding. None of this is deadly however. The state of macro is good. The first section sets the stage with a brief review of the past. The second argues that there has been broad convergence in vision, and the third reviews the specifics. The fourth focuses on convergence in methodology. The last looks at current challenges. Keywords: Macroeconomics, shocks, propagation mechanisms, fluctuations. JEL Classifications: E20, E30, E40.
Notes: "August 12, 2008."

Includes bibliographical references (p. 28-31).

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