Hayek and Contemporary Macroeconomics

Lawrence White ()

A chapter in Revisiting Hayek’s Political Economy, 2016, vol. 21, pp 41-61 from Emerald Group Publishing Limited

Abstract: F. A. Hayek’s macroeconomic theory and policy ideas have gained renewed attention since the cheap-money boom until 2007, and subsequent bust, followed the basic Hayekian narrative. Only to a very limited extent, however, do we find Hayek’s ideas on the agenda of mainstream macroeconomic researchers since Robert Lucas’s research program gave way to “Neoclassical” and “New Keynesian” DSGE models. We find examples of deeper interest on the periphery of the mainstream. Hayek’s influence on today’s macroeconomic policy discussions remains similarly limited, although he has become an icon to some opponents of loose monetary policy.

Keywords: F. A. Hayek; business cycle; macroeconomics; Robert Lucas; DSGE models; monetary policy; B2; B53; E3; E6 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... 9-213420160000021010
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (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: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-213420160000021010

DOI: 10.1108/S1529-213420160000021010

Access Statistics for this chapter

More chapters in Advances in Austrian Economics from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().