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Economic (In)stability
A new history of macroeconomics
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  • Part I: Instability and cycles
  • Part II: Economic policy, instability and collapse
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Author: Vincent Carret

Walking the tightrope: Klein, Patinkin and Schelling on price flexibility and stability

January 14, 2022 Michaël Assous and Vincent Carret

As Paul Samuelson’s first PhD student, Lawrence Klein was well positioned to endorse the view that any macroeconomic models should…

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Posted in: Part III

Waiting for the judgment day: Hansen, Samuelson, Pigou and Klein on the classical stationary state

December 18, 2021 Michaël Assous and Vincent Carret

This post is based on parts of an article accessible here. All comments are welcomed. The multiplier-accelerator model (see this…

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Posted in: Part III

Bridging comparative statics and dynamics in Samuelson’s 1941 IS-LM model

November 18, 2021 Michaël Assous and Vincent Carret

This post is based on parts of chapter 7 of our book that have already been published here. All comments…

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Posted in: Part II, Part III

Out of the beaten path: Lundberg’s take on instability

November 6, 2021 Michaël Assous and Vincent Carret

The idea that the economy can be fluctuating even if markets are at equilibrium was built into early macro-dynamic models.…

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Posted in: Part II, Part III Filed under: business cycle, disequilibrium

Priming the pump: on some lessons learned from Samuelson’s 1939 accelerator-multiplier model 

October 16, 2021 Michaël Assous and Vincent Carret

The Great Depression led to a profound renewal of how problems of governmental fiscal policy were tackled. With reference to…

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Posted in: Part II Filed under: cycle, economic policy

Back to the future: Meade meets M.E.A.D.E. in the person of Tinbergen

June 28, 2021 Michaël Assous and Vincent Carret

This post is based on parts of a working paper accessible here. All comments are welcomed. In a recent issue…

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Posted in: Part I, Part II

Macrodynamics in wonderland: the race for profits in Kalecki (1933)

June 18, 2021 Michaël Assous and Vincent Carret

This post is based on some parts of chapter 4 of the book. All comments are welcomed. “Well, in OUR…

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Posted in: Part I Filed under: business cycle, capitalists, profits

Coming (almost) full circle: Relaxation oscillations in the early development of econometrics (1929-1951)

April 26, 2021 Michaël Assous and Vincent Carret

This post is based on a working paper accessible here. All comments are welcomed. At the turn of the 1920s-1930s,…

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Posted in: Part I Filed under: cycle, Hamburger, relaxation oscillations

Tinbergen (1935): Wage policy and collapse

March 21, 2021 Michaël Assous and Vincent Carret

This post is based on some parts (mainly part I.2) of a working paper accessible here. All comments are welcomed.…

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Posted in: Part II Filed under: collapse, economic policy, wage changes

Tinbergen (1936): A nonlinear model of collapse

December 23, 2020 Michaël Assous and Vincent Carret

Ach, mit offenen Armen stand ich gegen den Abgrund und atmete hinab! Hinab! Goethe, Die Leiden des jungen Werther    Wenn…

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Posted in: Part I Filed under: collapse, cycle, multiple equilibria, translation
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