The New Consensus in Macroeconomics: A Critical Appraisal

Philip Arestis

Chapter 5 in Macroeconomic Theory and Macroeconomic Pedagogy, 2009, pp 100-117 from Palgrave Macmillan

Abstract: Abstract A conference was held under the aegis of the UK’s ‘Government Economic Service’, 30 November 2005, under the title ‘Is There a New Consensus in Macroeconomics?’, and a book emerged from that conference (Arestis, 2007a). The conference concluded that there is now a new macroeconomic consensus in the sense that there is today a level of agreement among economists on macro issues not seen since the late 1960s/early 1970s.2 This does not imply, of course, that there is complete agreement, with no detractors and opponents, or that the consensus will be permanent. Neither does it mean that the new consensus is above board without much criticism in place. On the contrary, one of the aims of this chapter is to do just that, namely to appraise it critically.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; Asset Price (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-0-230-29166-9_6

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