The Rise and Fall of the Great Moderation

Peter Dorman

Chapter 16 in Macroeconomics, 2014, pp 363-394 from Springer

Abstract: Abstract After the harsh debates of the 1970s macroeconomics settled into a new era of relative calm, a period of compromise and splitting the difference. Disagreements didn’t vanish, but they evolved into matters of emphasis and degree. While a few dissident economists rebelled from the sidelines, the new consensus solidified itself in policy advice and the teachings of the most influential textbooks. We will survey the state of macroeconomic thinking during this period in these three realms—theory, policy and teaching. The dissidents too will get a platform, but we will focus on the mainstream of the profession. As we will see, just as a period of somewhat milder economic fluctuations inaugurated the period of compromise, a severe shock, the financial crisis of 2008, has apparently brought it to an end.

Keywords: Interest Rate; Monetary Policy; Central Bank; Price Level; Money Supply (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:spr:sptchp:978-3-642-37441-8_16

Ordering information: This item can be ordered from
http://www.springer.com/9783642374418

DOI: 10.1007/978-3-642-37441-8_16

Access Statistics for this chapter

More chapters in Springer Texts in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().