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- W1530124584 abstract "I like McCallum's survey and its general theme that there is substantially more interaction and agreement in macroeconomics than is often made to be. In my comments, I want to take the argument one step further and argue that recent research developments suggest an interesting convergence between what Robert Hall has called the freshwater economists - those who live in the Midwest, near the Lakes - and the saltwater economists - those who live on the East and West Coasts. (Like Hall, I prefer not to use the words neo, new, Keynesian or Classical and their many associated semantic traps.) If I am right, this convergence will lead to a substantial change in the field in the years to come.' Three related themes are emerging as central to macroeconomics, to the joint understanding of fluctuations and growth. They are externalities, increasing returns and imperfect competition. These themes are hardly new and one cannot help feel that history of thought repeats itself;2 what is new, however, is both a wide consensus that they are important and substantial analytical progress in clarifying their relation to macroeconomic phenomena. I shall start by describing recent developments on both the saltwater and the freshwater sides, and how they are converging. I limit myself to recent developments, and using the excuse that this is a comment rather than yet another survey, I shall not attempt to give an exhaustive bibliography." @default.
- W1530124584 created "2016-06-24" @default.
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- W1530124584 date "1989-06-01" @default.
- W1530124584 modified "2023-09-25" @default.
- W1530124584 title "Comment on B. T. McCallum, New Classical Macroeconomics: A Sympathetic Account" @default.
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- W1530124584 doi "https://doi.org/10.2307/3440109" @default.
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