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Convergence in Macroeconomics: Elements of the New Synthesis

Michael Woodford
American Economic Journal: Macroeconomics
Vol. 1, No. 1 (January 2009), pp. 267-279
Stable URL: http://www.jstor.org/stable/25760267
Page Count: 13
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Convergence in Macroeconomics: Elements of the New Synthesis
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Abstract

While macroeconomics is often thought of as a deeply divided field, with less of a shared core and correspondingly less cumulative progress than other areas of economics, in fact, there are fewer fundamental disagreements among macroeconomists now than in past decades. This is due to important progress in resolving seemingly intractable debates. In this paper, I review some of those debates and outline important elements of the new synthesis in macroeconomic theory. I discusses the extent to which the new developments in theory and research methods are already affecting macroeconomic analysis in policy institutions.

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