Revolution and Evolution in Twentieth-Century Macroeconomics by Michael Woodford

By Michael Woodford

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It would be desirable if the emergence of methodological consensus in macroeconomics were to make possible, in the new century, a revival of the links between general macroeconomics and these more specialized fields of inquiry.

It would be desirable if the emergence of methodological consensus in macroeconomics were to make possible, in the new century, a revival of the links between general macroeconomics and these more specialized fields of inquiry.

Michael Woodford, “Optimal Monetary Policy Inertia,” NBER working paper, forthcoming 1999. 66 Miles Kimball has called the new style of model “neomonetarist,” and Robert G. King and Alexander L. Wolman have also stressed the kinship between new synthesis models and some aspects of monetarist models of the 1960s. Kimball, “The Quantitative Analytics of the Basic Neomonetarist Model,” Journal of Money, Credit and Banking 27: 1241-1277 (1995); King and Wolman, “Inflation Targeting in a St. Louis Model of the 21st Century,” Review, Federal Reserve Bank of St.

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