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Thoughts About the Evolution of Mainstream Macroeconomics Over the Last 40 Years
Abstract of a paper featured on NBER: This year marks the 40th anniversary of the NBER Macro Annual Conference, founded in 1986. This paper reviews the evolution of mainstream macroeconomics since then. It presents my views, informed by a survey of a number of researchers who have made important con...
It presents my views, informed by a survey of a number of researchers who have made important contributions to the field. The first is that, starting from strikingly different positions, there has been substantial convergence, in terms of methodology, architecture, and main mechanisms. Architecture: The wide acceptance of nominal rigidities as an essential distortion, although with mixed feelings.
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