 Literature Review of Major Schools of Macroeconomic Thought and Empirical WorkHarrison C. Hartman Chapter Chapter 2 in Bad Breaks in Real GDP and Employment, 2024, pp 11-30 from Springer Abstract: Abstract This chapter provides additional discussion of schools of macroeconomic thought, adding the neoclassical school, the New Keynesian school, and the post Keynesian school of thought to the discussion. This book would probably be best considered as a work in the post Keynesian school. The chapter briefly discusses the equation of exchange. Following this preliminary material, this chapter discusses some econometric work related to the duration of negative shocks. One related topic is whether real GDP has a unit root or whether it is trend stationary with at least one break. Critical for the current book is whether decreases in aggregate demand either (1) cause downward breaks or show up as shocks in a unit root process whose impact never completely fades, or (2) have impacts that fade away fairly quickly. Keywords: Keynesian school of macroeconomic thought; Monetarist school of macroeconomic thought; Classical school of monetarist thought; Post Keynesian school of macroeconomic thought; Secular stagnation; Aggregate demand; Breaks in trend; Hysteresis; Equation of exchange; GDP (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-57769-7_2 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-57769-7_2 Access Statistics for this chapter More chapters in Springer Books from Springer |
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