The Transformation of Macroeconomic Policy and Research

  title={The Transformation of Macroeconomic Policy and Research},
  author={Edward C. Prescott},
What I am going to describe for you is a revolution in macroeconomics, a transformation in methodology that has reshaped how we conduct our science. Prior to the transformation, macroeconomics was largely separate from the rest of economics. Indeed, some considered the study of macroeconomics fundamentally different and thought there was no hope of integrating macroeconomics with the rest of economics, that is, with neoclassical economics. Others held the view that neoclassical foundations for… CONTINUE READING

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