Macroeconomic Theory and Economic Policy

K. Vela Velupillai is John E. Cairnes Professor of Economics at the National University of Ireland, Galway and also holds a Chair at the University of Trento, Italy, as a ‘Professore di Chiara Fama’. He is also a Senior Visiting Professor at the Madras School of Economics, Chennai, India.

• 1 Preface and summary 2The consummate macroeconomist: Jean-Paul Fitoussi 3 Price versus wage stickiness and the issue of persistence 4 Contours of employment protection reform 5 Trashing J.B. Say: the story of a mare’s nest 6 Assets, debts and interest in the EU and the US: the slump in Europe revisited 7 The long swings in economic understanding 8 The difficult dialogue between the development of macroeconomic theory and macroeconomic policy concerns 9 What structuralism is – and what errors and omissions it avoids in supply-side and RBC models 10 What should we mean by “growth policy?” 11 Rational expectations equilibria: a recursion theoretic tutorial