|
2000-1 |
LA
MODERNA MACROECONOMÍA CLÁSICA Y SUS CONSECUENCIAS PARA LA FORMULACIÓN
DE
LA POLÍTICA ECONÓMICA
|
Ramón Febrero Devesa |
||
|
ABSTRACT
Modern neoclassical economics has meant a profound change in our manner of understanding economic policy. With the incorporation of the intertemporal approach and the introduction of the rational expectations hypothesis into the macroeconomic models, this literature has laid the foundations for a new theory of economic policy. It could very well be said that Lucas –who introduced these contributions- is the same to the study of economic policy in the last third of the century as Tinbergen was to the theory of economic policy in the three decades following the birth of macroeconomics under the auspices of Keynes and his General Theory. The present paper examines the fundamental aspects of this new conception of economic policy and establishes a comparative analysis with the essential features of the traditional conception. Keywords: theory of economic policy, new classical macroeconomics, Lucas critique, time consistency. JEL: E60, E13, E17.
|
||||
