نوع مقاله: مقاله پژوهشی

نویسنده

استادیار گروه اقتصاد دانشگاه مفید

چکیده

نویسندگان‌، پس‌ از ذکر یک‌ مقدّمه‌ در مورد شکل‌گیری‌ نظریة‌ اقتصاد کلان‌، به‌ ارزیابی‌ مکتب‌های‌ مهم‌ آن‌ می‌پردازند. ابتدا به‌ شعبه­های کینزی‌ اشاره‌ می‌کنند، سپس‌ مکاتب‌ پولگرا، کلاسیک‌ جدید و دیگر شعبه­های  کلاسیک‌ها را مورد بحث‌ قرار می‌دهند. در پایان‌ ضمن‌ بررسی‌ مکاتب‌ کینزی‌ جدید و اندیشه‌های‌ رشد محور، مقاله‌ را با یک‌ نتیجه‌گیری‌ کوتاه‌ به‌ پایان‌ می‌رسانند. این‌ مقاله‌ یکی‌ از منابع‌ علمی‌ و جامع‌ در معرّفی‌ عقاید انواع‌ مکاتب‌ اقتصاد کلان‌ شمرده‌ می‌شود.

کلیدواژه‌ها

عنوان مقاله [English]

The Evolution of Modern Macroeconomics

نویسنده [English]

  • Yadullah Dadgar

Assistant Professor, Department of Economics, Mofid University

چکیده [English]

The paper is intended to review the formation of modern macroeconomic theory and to appraise the major macroeconomic schools. The authors, first, point out the Keynesian branches of macroeconomics and then discuss the Monetarist and the New-classical schools and other wings of classical macroeconomics. The paper ends with a brief conclusion by assessing the New- Keynesian schools and growth oriented theories.
This paper may be considered as a comprehensive and academic source for introducing different macroeconomic schools.

کلیدواژه‌ها [English]

  • Keynesian Economics
  • Monetarist School
  • Modern Macroeconomics
  • New-classical School

منابع

1-    Abramovitz, M. (1986) Catching Up.Forgine Ahead, and Falling Behind, Journal of Economic History 46, June.pp.385-406.

2-    Ackley, G.(1966) Macroeconomic Theory, New York: Collier-Macmillian.

3-    Barro, R. J. (1974) Are Government Bonds Net Wealth?, Journal of Political Economky 82, November/ December, pp.1095-117

4-    Barro, R. J. (1977), Unanticipated Money Growth and Unemployment in the United States, American Economic Review 67. March. PP. 101-15.

5-    Barro, R.J. (1978) Unanticipated Money, Output, and the Price Level in the United States, Journal of Political Economy 86, August, pp. 549-80

6-    Barro, R.J. (1979) Second Thoughts on Keynesian Economics, American Economic Review 69, May, PP. 54-9.

7-    Barro, R. J. (1989) The Richardian Approach to Budget Deficits, Journal of Economic Perspectives 3, Spring, pp. 37-54.

8-    Barro, R.J. and X. Sala-i-Martin (1995) Economic Growth, New York: McGrawHill

9-    Baumol, W.(1986) Produetivity Growth, Convergence and Welfare, American Economic Review 76, December, pp. 1072-85

10- Bernanke, B.S. (1995) The Macroeconomics of the Great Depression: A Comparative Approach, Journal of Money, Credit and Banking 27, pp.1-28.

11- Bernanke, B.S. and K.Carey (1996) Nominal Wage Stickiness and Aggregate Supply in the Great Depression, Quarterly Journal of Economics III, August, pp. 853-83.

12- Blackburn, K. and M. Christensen (1989) Monetary Policy and Policy Credibility: Theories and Evidence, Journal of Economic Literature 27, March, pp. 1-45.

13- Blanchard, O.J. (1990) Why Does Money Affect Output? A Survey, in B. M. Friedman and F.H. Hahn (eds) Handbook of Monetary Economics, Amsterdam: North Holland.

14- Blinder, A.S. (1987) Hard Heads, Soft Hearts: Tough-Minded Economics for a just Society, New York: Addison-Wesley.

15- Blinder, A. S. (1988) The Fall and Rise of Keynesian Economics, Economic Record December, pp. 278-94.

16- Brunner, K. (1989) The Disarray in Macroeconomics, in F. Capie and G.Wood (eds) Monetary Economics in the 1980s, London: Macmillan.

17- Chick, V. (1995) Is There a Case for Post-Keynesian Economics? Scottish Journal of Political Economy 42, February, pp. 20-36.

18- Chrystal, K. A. and S. Price (1194) Controversies in Macroeconomics, 3rd edn, New York: Harvester Wheatsheaf.

19- Crafts, N. (1996) Post-Neoclassical Endogenous Growth Theory: What are its Policy Implications? Oxford Review of Economic Policy 12, pp. 30-47.

20- Cross, R. (ed) (1995) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: Cambridge University Press.

21- Cross, R. (1996) The Natural Rate: An Attractor for Actual Unemployment or an Attractee? Scottish Journal of Political Economy 43, August, pp. 349-64.

22- Danthine, J. P. and J. B. Donaldson (1993) Methodological and Empirical Issues in Real Business Cycle Theory, European Economic Review 37, January, pp. 1-35.

23- Darity, W. and W. Young (1995) IS_LM: An Inquest, History of Political Economy 27, Spring, pp. 1-41.

24- Davidson, P. (1994) Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century, Aldershot: Edward Elgar.

25- Decutscher, P. (1990) R. G. Hawtrey and the Development of Macroeconomics, London: Macmillan.

26- Dixon, H. (1995) Of Coconuts, Decomposition and a Jackass: The Genealogy of the Natural Rate, in R. Cross (ed) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: Cambridge University Press.

27- Dowrick, S. (1992) Technological Catch Up and Diverging Incomes: Patterns of Economic Growth 1960-88, Economic Journal 102, May, pp. 600-10.

28- Eichengreen, B. (1992) Golden  Fetters: The Gold Standard and the Great Depressian, 1919-1939, New York: OxfordUniversity Press.

29- Ficher, S. (1977) Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule, Journal of Political Economy 85, Februray, pp. 191-205.

30- Fisher, S. (1990) Rules Versus Discretion in Monetary Policy, in B. M. Friedman and F. H. Hahn (eds) Handbook of Monetary Economics, Amsterdam: North Holland.

31- Friedman, M. (1956) The Quantity Theory of Money: A Restatement, in M. Friedman (ed.) Studies in the Quantity Theory of Money, Chicago: University of Chicago Press.

32- Friedman, M. (1958) The Supply of Money and Changes in Prices and Output, in M.Friedman (1969) The Optimum Quantity of Money and Other Essays, Chicago: Aldine.

33- Friedman, M. (1961) The Lag in the Effect of Monetary Policy, in M. Friedman (1969) The Optimum Quantity of Money and Other Essays, Chicago: Aldine.

34- Friedman, M. (1968) The Role of Monetary Policy, American Economic Review 58, March, pp. 1-17.

35- Friedman, M. (1970) The Counter- Revolution in Monetary Theory, IEA Occasional Paper no. 33, London: Institute of Economic Affairs.

36- Friedman, M. (1972) Have Monetary Policies Failed? American Economic Review 62, May, pp. 11-18.

37- Freidma, M. (1974) Monetary Correction, IEA Occasional Paper no. 41, London: Institute of Economic Affairs.

38- Freidman, M. (1977) Nobel Lecture: Inflation and Unemployment, Journal of Political Economy 85, Junw, pp. 451-72.

39- Freidman, M. and A. J. Schwartz (1963) A Monetary History of the United States, 1867-1960, Princeton, NJ: PrincetonUniversity Press.

40- Garrison, R. (1994) Interview with Roger Garrison, in B. Snowdon, H.R. Vane and P. Wynarczyk, A Modern Guide to Macroeconomics: An Introduction to Commeting Schools of Thought, Aldershot: Edward Elgar.

41- Gerrard, B. (1996) Review Article: Competing Schools of Thought in Macroeconomics – An Ever – Emerging Consensus? Journal of Economic Studies 23, pp. 53-69.

42- Gordon, R. J. (1981) Output Fluctuations and Gradual Price Adjustment, Journal of Economic Literature 19 Political Economy 90, December, pp. 1087-117.

43- Gordon, R. J. (1990) What is New Keynesian Economics? Journal of Economic Gordon, R. J. (1993) Macroeconomics, 6th edn, New York: HarperCollins.

44- Gordon, R. J. and J. A. Wilcox (1981) Monetarist Interpretations of the Great Depression: An Evaluation and Critique, in K. Brunner (ed.) The Great Depresion Revisited, London: Martinus Nijhoff.

45- GreenWald, B. C. and J: E. Stiglitz (1993) New and Old Keynesians, Journal of Economic Perspectives 7, Winter, pp. 23-44.

46- Hahn, F. H. and R. C. O. Matthews (1964) The Theory of Economic Growth: A Survey, Economic Journal 74, December, pp. 779-902.

47- Hammond, J. D. (1996) Theory and Measurement: Causality Issues in Milton Freidman’s Monetary Economics, Cambridge: Cambridge University Press.

48- Hansen, A. H. (1953) A Guide to Keynes, New York: McCraw-Hill.

49- Hicks, J. R. (1937) Mr. Keynes and the Classics: A Suggested Interpretion, Econometriea 5, April, pp. 147-59.

50- Johnson, H. G. (1972) Inflation: A Monetarist View, in H. G. Johnson (ed.) Further Essays in Monetary Economics, London: Macmillan.

51- Keynes, J. M. (1936) The General Theory of Employment, Interest and Money, London: Macmillan.

52- Keynes, J. M. (1972) Essays in Persuasion, Vol. IX. London: Macmillan.

53- Keydland, F. E. and E. C. Preseott (1977) Rules Rather than Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy 85, June, pp. 473-91.

54- Kydland, F. E. and E. c. Prescott (1982) Time to Build and Aggregate Fluetuations, Econometrica 50, November, pp. 1345-70.

55- Laidler, D. E. W. (1976) Inflation in Britain: A Monetarist Perspective, American Economic Review 66, September, pp. 485-500.

56- Laidler, D. E. W. (1985) Monetary Policy in Britain: Succeses and Shortcomings, Oxford Review of Economic Policy . PP. 35-43.

57- Laidler, D. E. W. (1993) The Demand for Money: Theories, Evidence and Problems, 4th edn, New York: Harper Collins.

58- Lipsey, R. G. (1960) The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the UK 1862-1957: A Further Analysis, Economica 27, February, pp. 1-31.

59- Lipsey, R. G. (1978) The Place of the Philips Curve in Macroeconomic Models, in A. R. Bergstrom (ed.) Stability and Inflation, Chichester: John Wiley.

60- Lucas, R. E. Jr (1972) Expectations and the Neutrality of Money, Journal of Economic Theory 4, April, pp. 103-24.

61- Lucas, R. E. Jr (1973) Some International Evidence on Output-Inflation Tradeoffs: American Economic Review 63, June, pp. 326-34.

62- Lucas, R. E. Jr (1975) An Equilibrium Model of the Business Cycle, Journal of Political Economy 83, December, pp. 1113-44.

63- Lucas, R. E. Jr (1976) Economietric Policy Evaluation: A Critique, in K. Brunner and A. H. Meltzer (eds) The Phillips Curve and Labor Markets, Amsterdam: North Holland.

64- Lucas, R. E. Jr (1977) Understanding Business Cycles, in K. Brunner and A. H. Meltzer (eds) Stabilization of the Domestic and Imernational Economy, Amesterdam: North Holland.

65- Lucas, R. E. Jr (1980) Methods and Problems in Business Cycle Theory, Journal of Money, Credit and Banking 12, November, pp. 696-715.

66- Lucas, R. E. Jr (1987) Models of Bysiness Cycles, Oxford: Basil Blackwell.

67- Lucas, R. E. Jr (1988) On the Mechanics of Economic Development, Journal of Monetary Economics 22, July, pp. 3-42.

68- Lucas, R. E. Jr (1993) Making a Miracle, Econometrica 61, March, pp. 251-72.

69- Lucas, R. E. Jr (1994) Review of Milton Friedman and Anna J. Schwartz’s A Monetary History of the United States, 1867-1960, Journal of Monetary Economics 34, pp. 5-16.

70- Mankiw, N. G. (1989) Real Business Cycles: A New Keynesian Perspective Journal of Economic perspectives 3, Summer, pp. 79-90.

71- Mankiw, N. G. (1990) A Quick Refresher Course in Macroeconomics, Journal of Economic Literature 28, December, pp. 1645-60.

72- Mnakiw, N. G. (1994) Macroeconomcis, 2nd, New York: Worth.

73- Mankiw, N. G. (1995) The Growth of Nations, Brookings Papers on Economic Activity, pp. 275-326.

74- Mankiw, N. G. and D. Romer (eds) (1991) New Keynesian Economics, Cambridge: MIT Press.

75- Miron, J. A. (1994) Empirical Methodology in Macroeconomics: Explaining the Success of Friedman and Schwartz’s A Monetary History of the United States, 1867-1960, Journal of Monetary Economics 34, pp. 17-25.

76- Mishkin, F. S> (1982) Does Anticipated Monetary Policy Matter? An Ecnonometric Investigation, Journal of Political Ecnomy 90, February, p. 22-51.

77- Modigliani, F. (1988) The Monetarist Controversy Revisited, Contemporary Policy Issues 6, October, pp. 3-18.

78- Muth, J. F. (1961) Rational Expectations and The Theory of Pnce Movements, Econometrica 29, July, pp. 315-35.

79- Nelson, C. and C. I. Plosser (1982) Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications, Journal of Monetary Econmics 10, September, pp. 139-62.

80- Pack, H. (1994) Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcoming’s , Journal of Ecnomic Perspectives 8, Winter, pp. 55-72.

81- Phelps, E. S. (1967) Philips Curves, Expectations of Inflation and Optimal Unemployment over Time, Economica 34, August, pp. 254-81.

82- Phelps, E.S. (1990) SevenSchools of Macroeconomic Thought, Oxford: OxfordUniversity Press.

83- Phelps, E. S. and J. B. Taylor (1977) Stabilizing Powers of Monetary Policy under Rational Expectations, Journal of Political Economy 85, February, pp. 163-90.

84- Philips, A. W. (1958) The Relation between Unemployment and he Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica 25, November, pp. 283-99.

85- Plosser, C. I. (1989) Understanding Real Business Cycles, Journal of Economic Perspectives 3, Summer, pp. 51-77.

86- Prescott,  E. C. (1986) Theory Ahead of Business Cycle Measurement, Federal Reserve Bank of Minneapolis Quarterly Review Fall, pp. 9-22.

87- Romer, C. D. (1993) The Nation in Depression, Journal of Economic Perspectives 7, Spring, pp. 19-39.

88- Romer, D. (1993) The New Keynesian Synthesis, Journal of Economic Perspectives 7, Winter, pp. 5-22.

89- Romer, D. (1996) Advaced Macroeconomics, New York: McGraw- Hill.

90- Romer, P. M. (1986) Increasing Returns and Long-Run Growth, Journal of Political Economy 94, October, pp. 1002-37.

91- Romer, P. M. (1993) Idea Gaps and Object Gaps in Economic Development, Journal of Monetary Economics 32, pp. 543-73.

92- Romer, P. M. (1994) The Origins of Endogenous Growth, Journal of Ecnomic Perspectives 8, Winter, PP. 3-22.

93- Samuelson, P. A. (1955) Economics, 3rd edn, New York: McGraw- Hill.

94- Samuelson: P.A. and R. M. Solow (1960) Analytical Aspects of Anti-Inflationary Policy, American Economic Review 50, May, pp. 177-94.

95- Santomero, A. M. and J. J. Seater (1978) The Inflation – Unemployment Trade-Off: A Critique of the Literature, Journal of Economic Literature 16, June, pp. 499-544.

96- Sagent, T. J. and N. Wallace (1975) Rational Expectations, the Optimal Monetary Instrument and the Optimal Money Supply Rule, Journal of Political Economy 83, April, pp. 241-54.

97- Sargent, T. J. and N. Wallace (1976) Rational Expectations and the Theory of Economic Policy, Journal of Monetary Economics 2, Aprill, pp. 169-83.

98- Shaw, G. K. (1992) Policy Implications of Endogenous Growth Theory, Economic Journal 102, May, pp. 611-21.

99- Snowdon, B. and H. R. Vane (1997) Modern Macroeconomics and its Evolution from a mOnetarist Perspective: An Interview with Professor Milton Friedman, Journal of Economic Studies 24.

100-       Snowdon, B., H. R. Vane and P. Wynarczyk (1994) A Modern Guide to Macro economics: An Introduction to Competing Schools of Thought, Aldershot: Edward Elgar.

101-       Solow, R. M. (1956) A contribution to the Theory of Economic Growth, Quarterly Journal of Economics 70, February, pp. 65-94.

102-       Solow, R. M. (1957) Technical Change and the Aggregate Production Function, Review of Economics and Statistics 39, August, pp. 312-20.

103-       Solow, R. M. (1986) What is a Nice Girl Like You Doing in a Place Like This? Macroeconomics after fifty years. Eastern Economic Journal 12, July/ September, pp. 191-8.

104-       Solow, R. M. (1994) Perspectives on Growth Theory, Journal of Economic Perspectives 8, Winter. pp. 45-54.

105-       Stadler, G. W. (1994) Real Business Cyles Journal of Economic Literature 32, December, pp. 1750-83.

106-       Stiglitz, J. E. (1992) Methodological Issues and the New Keynesian Economics, in A> Vercelli and N. Dimitri (eds) Macroeconomics A. Survey of Research Strategies, Oxford: Oxford University Press.

107-       Summers, L. H. (1986) Some Sceptical Observations on Real Business Cycle Theory, Federal Reserve bank of Minneapolis Qkuarterly Review Fall, pp. 23-7.

108-       Swan, T. W. (1956)  Economic Growth and Capital Accumulation, Economic Record 32, November, pp. 334-61.

109-       Taylor, J. B. (1989) The Evolution of Ideas in Macroeconomics, Economic Record 65, June, pp. 185-9.

110-       Tobin, J. (1980) Are New Classical Models Plausible Enough to Guide Policy? Jounal of Money, Credit and Banking 12, November, pp. 788-99.

111-       Tobin. J. (1987) Politicies For Prosperity: Essays in a Keynesian Mode, Brighton: Wheatoheaf.

112-       Tobin, J. (1992) AN old Keyneslan Counter

113-       Tobin, J. (1995) The Neatural Rate as New Classical Economics, in R. Cross (ed.) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: CambirdgeUniversity Press.

114-       Van de Klundert, T. and S. Smulders (1992) Reconstructing Crowth Theory: A A Survey, De Economist 140, pp. 177-203.

115-       Van Els, P. J. A. (1995) Real Business Cycle Models and Money: A Survey of Theories and Evidence, Weltwirtshaftliches Archiv 131, pp. 223-63.

116-       Vercelli, A. (1991) Methodological Foundations of Macroeconomics: Keynes and  Lucas, Cambridge: CambridgeUniversity Press.

117-       Wulwick, N. (1987) The Phillips Curve: Which? Whose? To Do What? How? Southern Economic Journal 53, pp. 834-57.

118-       Yellen, J. L. (1984) Efficeincy Wage Models of Unemployment, American Economic Review 74, May, pp. 200-5.

Young W. (1987) Interpreting Keynes: The IS-LM Enigma, Boulder, CO: Westview.

منابع

1-    Abramovitz, M. (1986) Catching Up.Forgine Ahead, and Falling Behind, Journal of Economic History 46, June.pp.385-406.

2-    Ackley, G.(1966) Macroeconomic Theory, New York: Collier-Macmillian.

3-    Barro, R. J. (1974) Are Government Bonds Net Wealth?, Journal of Political Economky 82, November/ December, pp.1095-117

4-    Barro, R. J. (1977), Unanticipated Money Growth and Unemployment in the United States, American Economic Review 67. March. PP. 101-15.

5-    Barro, R.J. (1978) Unanticipated Money, Output, and the Price Level in the United States, Journal of Political Economy 86, August, pp. 549-80

6-    Barro, R.J. (1979) Second Thoughts on Keynesian Economics, American Economic Review 69, May, PP. 54-9.

7-    Barro, R. J. (1989) The Richardian Approach to Budget Deficits, Journal of Economic Perspectives 3, Spring, pp. 37-54.

8-    Barro, R.J. and X. Sala-i-Martin (1995) Economic Growth, New York: McGrawHill

9-    Baumol, W.(1986) Produetivity Growth, Convergence and Welfare, American Economic Review 76, December, pp. 1072-85

10- Bernanke, B.S. (1995) The Macroeconomics of the Great Depression: A Comparative Approach, Journal of Money, Credit and Banking 27, pp.1-28.

11- Bernanke, B.S. and K.Carey (1996) Nominal Wage Stickiness and Aggregate Supply in the Great Depression, Quarterly Journal of Economics III, August, pp. 853-83.

12- Blackburn, K. and M. Christensen (1989) Monetary Policy and Policy Credibility: Theories and Evidence, Journal of Economic Literature 27, March, pp. 1-45.

13- Blanchard, O.J. (1990) Why Does Money Affect Output? A Survey, in B. M. Friedman and F.H. Hahn (eds) Handbook of Monetary Economics, Amsterdam: North Holland.

14- Blinder, A.S. (1987) Hard Heads, Soft Hearts: Tough-Minded Economics for a just Society, New York: Addison-Wesley.

15- Blinder, A. S. (1988) The Fall and Rise of Keynesian Economics, Economic Record December, pp. 278-94.

16- Brunner, K. (1989) The Disarray in Macroeconomics, in F. Capie and G.Wood (eds) Monetary Economics in the 1980s, London: Macmillan.

17- Chick, V. (1995) Is There a Case for Post-Keynesian Economics? Scottish Journal of Political Economy 42, February, pp. 20-36.

18- Chrystal, K. A. and S. Price (1194) Controversies in Macroeconomics, 3rd edn, New York: Harvester Wheatsheaf.

19- Crafts, N. (1996) Post-Neoclassical Endogenous Growth Theory: What are its Policy Implications? Oxford Review of Economic Policy 12, pp. 30-47.

20- Cross, R. (ed) (1995) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: Cambridge University Press.

21- Cross, R. (1996) The Natural Rate: An Attractor for Actual Unemployment or an Attractee? Scottish Journal of Political Economy 43, August, pp. 349-64.

22- Danthine, J. P. and J. B. Donaldson (1993) Methodological and Empirical Issues in Real Business Cycle Theory, European Economic Review 37, January, pp. 1-35.

23- Darity, W. and W. Young (1995) IS_LM: An Inquest, History of Political Economy 27, Spring, pp. 1-41.

24- Davidson, P. (1994) Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century, Aldershot: Edward Elgar.

25- Decutscher, P. (1990) R. G. Hawtrey and the Development of Macroeconomics, London: Macmillan.

26- Dixon, H. (1995) Of Coconuts, Decomposition and a Jackass: The Genealogy of the Natural Rate, in R. Cross (ed) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: Cambridge University Press.

27- Dowrick, S. (1992) Technological Catch Up and Diverging Incomes: Patterns of Economic Growth 1960-88, Economic Journal 102, May, pp. 600-10.

28- Eichengreen, B. (1992) Golden  Fetters: The Gold Standard and the Great Depressian, 1919-1939, New York: OxfordUniversity Press.

29- Ficher, S. (1977) Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule, Journal of Political Economy 85, Februray, pp. 191-205.

30- Fisher, S. (1990) Rules Versus Discretion in Monetary Policy, in B. M. Friedman and F. H. Hahn (eds) Handbook of Monetary Economics, Amsterdam: North Holland.

31- Friedman, M. (1956) The Quantity Theory of Money: A Restatement, in M. Friedman (ed.) Studies in the Quantity Theory of Money, Chicago: University of Chicago Press.

32- Friedman, M. (1958) The Supply of Money and Changes in Prices and Output, in M.Friedman (1969) The Optimum Quantity of Money and Other Essays, Chicago: Aldine.

33- Friedman, M. (1961) The Lag in the Effect of Monetary Policy, in M. Friedman (1969) The Optimum Quantity of Money and Other Essays, Chicago: Aldine.

34- Friedman, M. (1968) The Role of Monetary Policy, American Economic Review 58, March, pp. 1-17.

35- Friedman, M. (1970) The Counter- Revolution in Monetary Theory, IEA Occasional Paper no. 33, London: Institute of Economic Affairs.

36- Friedman, M. (1972) Have Monetary Policies Failed? American Economic Review 62, May, pp. 11-18.

37- Freidma, M. (1974) Monetary Correction, IEA Occasional Paper no. 41, London: Institute of Economic Affairs.

38- Freidman, M. (1977) Nobel Lecture: Inflation and Unemployment, Journal of Political Economy 85, Junw, pp. 451-72.

39- Freidman, M. and A. J. Schwartz (1963) A Monetary History of the United States, 1867-1960, Princeton, NJ: PrincetonUniversity Press.

40- Garrison, R. (1994) Interview with Roger Garrison, in B. Snowdon, H.R. Vane and P. Wynarczyk, A Modern Guide to Macroeconomics: An Introduction to Commeting Schools of Thought, Aldershot: Edward Elgar.

41- Gerrard, B. (1996) Review Article: Competing Schools of Thought in Macroeconomics – An Ever – Emerging Consensus? Journal of Economic Studies 23, pp. 53-69.

42- Gordon, R. J. (1981) Output Fluctuations and Gradual Price Adjustment, Journal of Economic Literature 19 Political Economy 90, December, pp. 1087-117.

43- Gordon, R. J. (1990) What is New Keynesian Economics? Journal of Economic Gordon, R. J. (1993) Macroeconomics, 6th edn, New York: HarperCollins.

44- Gordon, R. J. and J. A. Wilcox (1981) Monetarist Interpretations of the Great Depression: An Evaluation and Critique, in K. Brunner (ed.) The Great Depresion Revisited, London: Martinus Nijhoff.

45- GreenWald, B. C. and J: E. Stiglitz (1993) New and Old Keynesians, Journal of Economic Perspectives 7, Winter, pp. 23-44.

46- Hahn, F. H. and R. C. O. Matthews (1964) The Theory of Economic Growth: A Survey, Economic Journal 74, December, pp. 779-902.

47- Hammond, J. D. (1996) Theory and Measurement: Causality Issues in Milton Freidman’s Monetary Economics, Cambridge: Cambridge University Press.

48- Hansen, A. H. (1953) A Guide to Keynes, New York: McCraw-Hill.

49- Hicks, J. R. (1937) Mr. Keynes and the Classics: A Suggested Interpretion, Econometriea 5, April, pp. 147-59.

50- Johnson, H. G. (1972) Inflation: A Monetarist View, in H. G. Johnson (ed.) Further Essays in Monetary Economics, London: Macmillan.

51- Keynes, J. M. (1936) The General Theory of Employment, Interest and Money, London: Macmillan.

52- Keynes, J. M. (1972) Essays in Persuasion, Vol. IX. London: Macmillan.

53- Keydland, F. E. and E. C. Preseott (1977) Rules Rather than Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy 85, June, pp. 473-91.

54- Kydland, F. E. and E. c. Prescott (1982) Time to Build and Aggregate Fluetuations, Econometrica 50, November, pp. 1345-70.

55- Laidler, D. E. W. (1976) Inflation in Britain: A Monetarist Perspective, American Economic Review 66, September, pp. 485-500.

56- Laidler, D. E. W. (1985) Monetary Policy in Britain: Succeses and Shortcomings, Oxford Review of Economic Policy . PP. 35-43.

57- Laidler, D. E. W. (1993) The Demand for Money: Theories, Evidence and Problems, 4th edn, New York: Harper Collins.

58- Lipsey, R. G. (1960) The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the UK 1862-1957: A Further Analysis, Economica 27, February, pp. 1-31.

59- Lipsey, R. G. (1978) The Place of the Philips Curve in Macroeconomic Models, in A. R. Bergstrom (ed.) Stability and Inflation, Chichester: John Wiley.

60- Lucas, R. E. Jr (1972) Expectations and the Neutrality of Money, Journal of Economic Theory 4, April, pp. 103-24.

61- Lucas, R. E. Jr (1973) Some International Evidence on Output-Inflation Tradeoffs: American Economic Review 63, June, pp. 326-34.

62- Lucas, R. E. Jr (1975) An Equilibrium Model of the Business Cycle, Journal of Political Economy 83, December, pp. 1113-44.

63- Lucas, R. E. Jr (1976) Economietric Policy Evaluation: A Critique, in K. Brunner and A. H. Meltzer (eds) The Phillips Curve and Labor Markets, Amsterdam: North Holland.

64- Lucas, R. E. Jr (1977) Understanding Business Cycles, in K. Brunner and A. H. Meltzer (eds) Stabilization of the Domestic and Imernational Economy, Amesterdam: North Holland.

65- Lucas, R. E. Jr (1980) Methods and Problems in Business Cycle Theory, Journal of Money, Credit and Banking 12, November, pp. 696-715.

66- Lucas, R. E. Jr (1987) Models of Bysiness Cycles, Oxford: Basil Blackwell.

67- Lucas, R. E. Jr (1988) On the Mechanics of Economic Development, Journal of Monetary Economics 22, July, pp. 3-42.

68- Lucas, R. E. Jr (1993) Making a Miracle, Econometrica 61, March, pp. 251-72.

69- Lucas, R. E. Jr (1994) Review of Milton Friedman and Anna J. Schwartz’s A Monetary History of the United States, 1867-1960, Journal of Monetary Economics 34, pp. 5-16.

70- Mankiw, N. G. (1989) Real Business Cycles: A New Keynesian Perspective Journal of Economic perspectives 3, Summer, pp. 79-90.

71- Mankiw, N. G. (1990) A Quick Refresher Course in Macroeconomics, Journal of Economic Literature 28, December, pp. 1645-60.

72- Mnakiw, N. G. (1994) Macroeconomcis, 2nd, New York: Worth.

73- Mankiw, N. G. (1995) The Growth of Nations, Brookings Papers on Economic Activity, pp. 275-326.

74- Mankiw, N. G. and D. Romer (eds) (1991) New Keynesian Economics, Cambridge: MIT Press.

75- Miron, J. A. (1994) Empirical Methodology in Macroeconomics: Explaining the Success of Friedman and Schwartz’s A Monetary History of the United States, 1867-1960, Journal of Monetary Economics 34, pp. 17-25.

76- Mishkin, F. S> (1982) Does Anticipated Monetary Policy Matter? An Ecnonometric Investigation, Journal of Political Ecnomy 90, February, p. 22-51.

77- Modigliani, F. (1988) The Monetarist Controversy Revisited, Contemporary Policy Issues 6, October, pp. 3-18.

78- Muth, J. F. (1961) Rational Expectations and The Theory of Pnce Movements, Econometrica 29, July, pp. 315-35.

79- Nelson, C. and C. I. Plosser (1982) Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications, Journal of Monetary Econmics 10, September, pp. 139-62.

80- Pack, H. (1994) Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcoming’s , Journal of Ecnomic Perspectives 8, Winter, pp. 55-72.

81- Phelps, E. S. (1967) Philips Curves, Expectations of Inflation and Optimal Unemployment over Time, Economica 34, August, pp. 254-81.

82- Phelps, E.S. (1990) SevenSchools of Macroeconomic Thought, Oxford: OxfordUniversity Press.

83- Phelps, E. S. and J. B. Taylor (1977) Stabilizing Powers of Monetary Policy under Rational Expectations, Journal of Political Economy 85, February, pp. 163-90.

84- Philips, A. W. (1958) The Relation between Unemployment and he Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica 25, November, pp. 283-99.

85- Plosser, C. I. (1989) Understanding Real Business Cycles, Journal of Economic Perspectives 3, Summer, pp. 51-77.

86- Prescott,  E. C. (1986) Theory Ahead of Business Cycle Measurement, Federal Reserve Bank of Minneapolis Quarterly Review Fall, pp. 9-22.

87- Romer, C. D. (1993) The Nation in Depression, Journal of Economic Perspectives 7, Spring, pp. 19-39.

88- Romer, D. (1993) The New Keynesian Synthesis, Journal of Economic Perspectives 7, Winter, pp. 5-22.

89- Romer, D. (1996) Advaced Macroeconomics, New York: McGraw- Hill.

90- Romer, P. M. (1986) Increasing Returns and Long-Run Growth, Journal of Political Economy 94, October, pp. 1002-37.

91- Romer, P. M. (1993) Idea Gaps and Object Gaps in Economic Development, Journal of Monetary Economics 32, pp. 543-73.

92- Romer, P. M. (1994) The Origins of Endogenous Growth, Journal of Ecnomic Perspectives 8, Winter, PP. 3-22.

93- Samuelson, P. A. (1955) Economics, 3rd edn, New York: McGraw- Hill.

94- Samuelson: P.A. and R. M. Solow (1960) Analytical Aspects of Anti-Inflationary Policy, American Economic Review 50, May, pp. 177-94.

95- Santomero, A. M. and J. J. Seater (1978) The Inflation – Unemployment Trade-Off: A Critique of the Literature, Journal of Economic Literature 16, June, pp. 499-544.

96- Sagent, T. J. and N. Wallace (1975) Rational Expectations, the Optimal Monetary Instrument and the Optimal Money Supply Rule, Journal of Political Economy 83, April, pp. 241-54.

97- Sargent, T. J. and N. Wallace (1976) Rational Expectations and the Theory of Economic Policy, Journal of Monetary Economics 2, Aprill, pp. 169-83.

98- Shaw, G. K. (1992) Policy Implications of Endogenous Growth Theory, Economic Journal 102, May, pp. 611-21.

99- Snowdon, B. and H. R. Vane (1997) Modern Macroeconomics and its Evolution from a mOnetarist Perspective: An Interview with Professor Milton Friedman, Journal of Economic Studies 24.

100-       Snowdon, B., H. R. Vane and P. Wynarczyk (1994) A Modern Guide to Macro economics: An Introduction to Competing Schools of Thought, Aldershot: Edward Elgar.

101-       Solow, R. M. (1956) A contribution to the Theory of Economic Growth, Quarterly Journal of Economics 70, February, pp. 65-94.

102-       Solow, R. M. (1957) Technical Change and the Aggregate Production Function, Review of Economics and Statistics 39, August, pp. 312-20.

103-       Solow, R. M. (1986) What is a Nice Girl Like You Doing in a Place Like This? Macroeconomics after fifty years. Eastern Economic Journal 12, July/ September, pp. 191-8.

104-       Solow, R. M. (1994) Perspectives on Growth Theory, Journal of Economic Perspectives 8, Winter. pp. 45-54.

105-       Stadler, G. W. (1994) Real Business Cyles Journal of Economic Literature 32, December, pp. 1750-83.

106-       Stiglitz, J. E. (1992) Methodological Issues and the New Keynesian Economics, in A> Vercelli and N. Dimitri (eds) Macroeconomics A. Survey of Research Strategies, Oxford: Oxford University Press.

107-       Summers, L. H. (1986) Some Sceptical Observations on Real Business Cycle Theory, Federal Reserve bank of Minneapolis Qkuarterly Review Fall, pp. 23-7.

108-       Swan, T. W. (1956)  Economic Growth and Capital Accumulation, Economic Record 32, November, pp. 334-61.

109-       Taylor, J. B. (1989) The Evolution of Ideas in Macroeconomics, Economic Record 65, June, pp. 185-9.

110-       Tobin, J. (1980) Are New Classical Models Plausible Enough to Guide Policy? Jounal of Money, Credit and Banking 12, November, pp. 788-99.

111-       Tobin. J. (1987) Politicies For Prosperity: Essays in a Keynesian Mode, Brighton: Wheatoheaf.

112-       Tobin, J. (1992) AN old Keyneslan Counter

113-       Tobin, J. (1995) The Neatural Rate as New Classical Economics, in R. Cross (ed.) The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: CambirdgeUniversity Press.

114-       Van de Klundert, T. and S. Smulders (1992) Reconstructing Crowth Theory: A A Survey, De Economist 140, pp. 177-203.

115-       Van Els, P. J. A. (1995) Real Business Cycle Models and Money: A Survey of Theories and Evidence, Weltwirtshaftliches Archiv 131, pp. 223-63.

116-       Vercelli, A. (1991) Methodological Foundations of Macroeconomics: Keynes and  Lucas, Cambridge: CambridgeUniversity Press.

117-       Wulwick, N. (1987) The Phillips Curve: Which? Whose? To Do What? How? Southern Economic Journal 53, pp. 834-57.

118-       Yellen, J. L. (1984) Efficeincy Wage Models of Unemployment, American Economic Review 74, May, pp. 200-5.

Young W. (1987) Interpreting Keynes: The IS-LM Enigma, Boulder, CO: Westview.