Keynesian and Monetarist Economists Unite Under New Walrasian Macroeconomics
The article discusses how macroeconomics has shifted from Keynesian to new classical models, leading to a merging of Keynesianism and monetarism. This change is known as the rise of Walrasian macroeconomics. The researchers found that despite past disagreements, Keynesianism and monetarism actually share common ground, particularly in their Marshallian roots. The study focuses on concepts like labor markets, real wages, natural rates, market equilibrium, and market clearing.