The Absorption of Macroeconomics by Microeconomics

Ghislain Deleplace ()
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Ghislain Deleplace: Universidad Paris 8

Lecturas de Economía, 2008, issue 69, 245-298

Abstract: The aim of this article is to analyze the dominant tendency in the history of macroeconomics. It attempts to identify the two routes that research on the microeconomic foundations of macroeconomics has followed. On the one hand, the relation between employment, wages and inflation (the route indicated by Friedman); on the other hand, the existence of rigidities or a monetary restriction (the route indicated by Clower).

Keywords: IS-LM model; Phillips’ curve; constraint à la Clower; fixed prices equilibrium; nominal rigidities (search for similar items in EconPapers)
JEL-codes: B20 E12 E13 E20 E30 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2008:i:69:p:245-298

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