TY  - JOUR
AU  - McCallum,Bennett T.
TI  - Macroeconomics After Two Decades of Rational Expectations
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4367
PY  - 1994
Y2  - September 1994
UR  - http://www.nber.org/papers/w4367
L1  - http://www.nber.org/papers/w4367.pdf
N1  - Author contact info:
Bennett T. McCallum
Tepper School of Business, Posner 256
Carnegie Mellon University
Pittsburgh, PA 15213
Tel: 412/268-2347
Fax: 412/268-6830
E-Mail: bm05@andrew.cmu.edu
AB  - This expository paper describes major developments during the second decade of rational-expectations macroeconomics, roughly 1982-1991. Topics attracting the most attention from researchers differed from those of 1972-1981, with considerable emphasis being devoted to technical mailers. Here the discussion focuses on four prominent areas: real business cycle analysis, growth theory and its empirical application, issues involving unit roots in macroeconomic time series, and sticky-price models of aggregate supply. The paper concludes by arguing that the current state of knowledge in macroeconomics is not as bad as is often suggested.
ER  -