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Three Revolutions in Macroeconomics: Their Nature and Influence

David Laidler ()

No 20134, University of Western Ontario, Economic Policy Research Institute Working Papers from University of Western Ontario, Economic Policy Research Institute

Abstract: Harry Johnson’s 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution. It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory’s most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays’ macroeconomics are briefly discussed.

Keywords: Keynesianism, Monetarism, Rational expectations New Classical economics Quantity Theory; Money; Velocity; Monetary policy; Inflation; Unemployment; Business cycle; Phillips curve (search for similar items in EconPapers)
JEL-codes: B21 E31 E41 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-mon
Date: 2013
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Journal Article: Three revolutions in macroeconomics: their nature and influence (2015) Downloads
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