Hayek and Contemporary Macroeconomics
Lawrence White ()
A chapter in Revisiting Hayek’s Political Economy, 2016, vol. 21, pp 41-61 from Emerald Publishing Ltd
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)
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