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| Author: | Mankiw, N. G. |
| Title: | A quick refresher course in macroeconomics. |
| Journal: | Journal of Economic Literature
1990 : DEC, VOL. 28:4, p. 1645-1660 |
| Index terms: | MACROECONOMICS |
| Language: | eng |
| Abstract: | Recent developments in macroeconomics are comparable to the Copernican revolution in astronomy: presently they may have little practical value but ultimately they will point the way to a deeper understanding. During the past two decades the axiom of the rational expectation has been accepted, as the axioms that firms maximize profit and households maximize utility. The debate over rules versus discretion continues, but time inconsistency is generally acknowledged to be a problem with discretionary policy. Most fundamentally, almost all macroeconomists agree that basing macroeconomics on firm microeconomic principles should be higher on the research agenda. |
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