2009/01/01 by Michael Woodford · 5 citations
Economics, Econometrics and Finance · #Monetary Policy and Economic Impact #Economic Theory and Policy #Economic Growth and Productivity
paper · doi:10.1257/mac.1.1.267
openalex publication_date 2009/01/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/25
While macroeconomics is often thought of as a deeply divided field, with less of a shared core and correspondingly less cumulative progress than other areas of economics, in fact, there are fewer fundamental disagreements among macroeconomists now than in past decades. This is due to important progress in resolving seemingly intractable debates. In this paper, I review some of those debates and outline important elements of the new synthesis in macroeconomic theory. I discusses the extent to which the new developments in theory and research methods are already affecting macroeconomic analysis in policy institutions. (JEL A11, E00)