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Macroeconomics - Which Way Now?

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  • Torben M. Andersen

Abstract

Recent developments in macroeconomics are reviewed, and it is argued that a better understanding of the role of market failures and institutions is a major achievement. The insights in when and how policy intervention may be called for have thus been improved. However, the progress does not imply that we are approaching a situation where business cycles can be “controlled”; rather it implies that we better understand why this would be very difficult if not impossible.

Suggested Citation

  • Torben M. Andersen, 2004. "Macroeconomics - Which Way Now?," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 30, pages 3-9.
    • Handle: RePEc:noj:journl:v:30:y:2004:p:3-9
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    References listed on IDEAS

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    1. Taylor, John B., 1999. "Staggered price and wage setting in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 15, pages 1009-1050, Elsevier.
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    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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