NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Recent Developments in Macroeconomics: A Very Quick Refresher Course

N. Gregory Mankiw

NBER Working Paper No. 2474 (Also Reprint No. r1080)
Issued in December 1987
NBER Program(s):   EFG

This paper outlines the major developments in macroeconomics over the past two decades. It examines the reasons for the breakdown in the consensus view of the 1960s and how this breakdown has guided research in macroeconomics. The introduction and importance of "rational expectations" are discussed, as are recent advances within the new classical and new Keynesian paradigms.

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Document Object Identifier (DOI): 10.3386/w2474

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