Solow's Struggle with Medium-Run Macroeconomics: 1956-1995

Michaël Assous

No 2013-41, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow’s different attempts to address this issue. It starts in early 1950s when Solow developed his long-run growth model and it ends in the mid-1990s with the publication of A Critical Essay on Modern Macroeconomic Theory co-written with Frank Hahn. This narrative involves different economists associated with various research traditions, going from the neo-classical synthesis in the 1960s, the New Classical Economics in the 1970s and the New Keynesianism in the 1980s.

Keywords: economic growth; Robert Solow; Medium-Run macroeconomics; dynamics; multiple equilibria (search for similar items in EconPapers)
JEL-codes: B22 B31 E12 E13 N1 O4 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2013-11
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: Solow's Struggle with Medium-Run Macroeconomics: 1956-1995 (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:gre:wpaper:2013-41

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