The ‘modern’ view of macroeconomics: some critical reflections

@inproceedings{PalacioVera2005TheV,
  title={The ‘modern’ view of macroeconomics: some critical reflections},
  author={Alfonso Palacio-Vera},
  year={2005}
}
Romer has proposed an alternative macroeconomic framework, i.e., the IS-MP-IA model. Its proponents claim that it constitutes a ‘modern’ view of macroeconomics. We show that the new framework is closely attached to the neoclassical synthesis and, in addition, fails to take account of: (i) the recent empirical evidence on the short-run output-inflation trade-off, (ii) the recent work and evidence on the interdependence of aggregate demand and supply, (iii) the limits of monetary policy and (iv… CONTINUE READING

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