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Hayek and Contemporary Macroeconomics

In: Revisiting Hayek’s Political Economy

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  • Lawrence H. White

Abstract

F. A. Hayek’s macroeconomic theory and policy ideas have gained renewed attention since the cheap-money boom until 2007, and subsequent bust, followed the basic Hayekian narrative. Only to a very limited extent, however, do we find Hayek’s ideas on the agenda of mainstream macroeconomic researchers since Robert Lucas’s research program gave way to “Neoclassical” and “New Keynesian” DSGE models. We find examples of deeper interest on the periphery of the mainstream. Hayek’s influence on today’s macroeconomic policy discussions remains similarly limited, although he has become an icon to some opponents of loose monetary policy.

Suggested Citation

  • Lawrence H. White, 2016. "Hayek and Contemporary Macroeconomics," Advances in Austrian Economics, in: Revisiting Hayek’s Political Economy, volume 21, pages 41-61, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-213420160000021010
    DOI: 10.1108/S1529-213420160000021010
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    More about this item

    Keywords

    F. A. Hayek; business cycle; macroeconomics; Robert Lucas; DSGE models; monetary policy; B2; B53; E3; E6;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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