The ‘modern’ view of macroeconomics: some critical reflections
批判了Romer提出的IS-MP-IA模型，指出其仍依附于新古典综合，忽略了产出-通胀权衡、总供需相互依存、货币政策制度限制等实证证据，并论证了短期稳定政策在长期非中性。
David Romer has proposed a new basic macroeconomic framework: the IS--MP--IA model. Its proponents claim that it represents the 'modern' view of macroeconomics. We show that the new framework remains closely attached to the neoclassical synthesis and, in addition, does not take account of: (i) the empirical evidence on the output--inflation trade-off; (ii) the evidence on the interdependence of aggregate demand and supply; (iii) the institutional limits of monetary policy; and (iv) the implications for macroeconomic policy of (i), (ii) and (iii). Once these aspects have been incorporated, short-run stabilisation policy is not neutral in the long run, the notion of a 'natural' rate of interest becomes untenable and aggregate demand turns into the crucial exogenous variable. Copyright 2005, Oxford University Press.