Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/104196
Authors: 
Schlicht, Ekkehart
Year of Publication: 
2006
Series/Report no.: 
Munich Discussion Paper 2006-6
Abstract: 
This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique," and that it is misleading to label this a critique of Keynesian economics. The postulate of immutable economic structures carries Tinbergen's approach to the extreme and neglects the possibility of slowly changing structures, as conceived by Marshall. The position is defended by arguments about equilibrium and rationality that are admittedly empty.
Subjects: 
macroeconomics
real business cycles
Lucas critique
Marshall
Keynes
Tinbergen
time-varying coefficients
adaptive estimation
Kalman filter
equilibrium
JEL: 
E1
B22
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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