Why do policymakers and economists within a policymaking institution choose to throw
away a model and to develop an alternative one? Why do they choose to stick to an existing …

In 1976, Robert Lucas explicitly criticized Keynesian macroeconometric models for their
inability to correctly predict the effects of alternative economic policies. Today, most …

This article proposes a history of the evolution of macroeconomists' explanations of the
1970s US stagflation, from 1975 to 2013. Using qualitative and quantitative methods, 1) I …

The Phillips curve began life in 1958 as a simple curve‐fitted relationship between the rates
of wage inflation and unemployment and went on to play a crucial role in the broader …

In the article I examine how model builders from the academia and from the Federal
Reserve Board confronted the Phillips curve in the construction and subsequent …

It is noted that although in fact it lacks the revolutionary content commonly ascribed to it,
Friedman's Presidential Address to the American Economic Association is very highly …

Unlike standard accounts, recent research in the history of macroeconomics has given
increasing attention to the Old Keynesians' criticisms of the New Classical Economics. In this …

This article relates the history of economists' influence in shaping the content of the
Humphrey-Hawkins Act (1978) and its immediate consequences. The act committed the …

In the fall of 2011, the Bank of England's Monetary Policy Committee (MPC) started to rely on
a new forecasting platform to inform its monetary policy choices. This platform introduced …

L'article montre que la vision de la macroéconomie de Sargent contraste d'avec celle de
Lucas. Pour Lucas, les hypothèses d'un modèle sont «a-réalistes», le modèle ne vise pas à …