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Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics

Pedro Duarte

No 2011_02, Working Papers, Department of Economics from University of São Paulo (FEA-USP)

Abstract: Macroeconomics, or the science of fluctuations in aggregate activity, has always been portrayed as a field composed of competing schools of thought and in a somewhat recurrent state of disarray. Nowadays, macroeconomists are proud to announce that a new synthesis characterizes their field: no longer are there fights and disarray, but rather convergence and progress. I want to discuss how modern macroeconomists see the emergence of such a consensus and, therefore, how they see the history of their sub-discipline. In particular, I stress the role played in the making of such a consensus by a particular understanding of the microfoundations that macroeconomics needs.

Keywords: new neoclassical synthesis; microfoundations; DSGE models; consensus (search for similar items in EconPapers)
JEL-codes: B22 B20 E30 (search for similar items in EconPapers)
Date: 2011-10-18
Note: Published in the book "Microfoundations Reconsidered: the relationship of micro and macroeconomics in historical perspective", edited by Pedro Garcia Duarte and Gilberto Tadeu Lima (Cheltenham, UK: Edward Elgar, 2012, ch. 6, pp. 190-237)
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