EconPapers    
Economics at your fingertips  
 

What can civil society expect from academic macroeconomics?

Michel De Vroey ()

No 2013022, Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: Academic macroeconomics as it has been practiced for the last three decades has a bad reputation, especially after the onset of the 2008 recession. The aim of this paper is to reflect on this state of affairs. To begin, I draw a comparison between Keynesian and Lucasian macroeconomics, bringing to light that they are based on different tenets. Next, I claim that because of its higher internal consistency, Lucasian macroeconomics is superior to Keynesian. However, I also claim that espousing it bears a heavy price — in particular a limited usefulness for policymaking and an inability to come to grips with economic crises.

Keywords: Keynesian macroeconomics; Lucas; Real Business Cycle models (search for similar items in EconPapers)
JEL-codes: B E E (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-hpe and nep-mac
Date: 2013-05-31
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://sites.uclouvain.be/econ/DP/IRES/2013022.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:ctl:louvir:2013022

Access Statistics for this paper

More papers in Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Series data maintained by Anne DAVISTER-LOGIST ().

 
Page updated 2017-09-25
Handle: RePEc:ctl:louvir:2013022