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1、WhatDoWeKnowaboutMacroeconomicsthatFisherandWicksellDidNot?Author(s):OlivierBlanchardReviewedwork(s):Source:TheQuarterlyJournalofEconomics,Vol.115,No.4(Nov.,2000),pp.1375-1409Publishedby:OxfordUniversityPressStableURL:http://www.jstor.org/stable/2586928.Accessed:08/01/201201:50Youruseofthe
2、JSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechno
3、logyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.OxfordUniversityPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheQuarterlyJournalofEconomics.http://www.jstor.orgWHATDOWEKNOWABOUTMACROECONOMI
4、CSTHATFISHERANDWICKSELLDIDNOT?*OLIVIERBLANCHARDThisessayarguesthatthehistoryofmacroeconomicsduringthetwentiethcenturycanbedividedintothreeepochs.Pre-1940:aperiodofexploration,duringwhichalltherightingredientsweredeveloped.Butalsoaperiodwhereconfusionreigned,becauseofthelackofanintegratedfr
5、amework.From1940to1980:aperiodduringwhichanintegratedframeworkwasdeveloped-fromtheIS-LMtodynamicgeneralequilibriummodels.ButaconstructionwithanAchilles'heel,toocasualatreatmentofimperfections,leadingtoacrisisinthelate1970s.Since1980:anewperiodofexploration,focusedontheroleofimperfectionsin
6、macroeconomics.Explorationoftenfeelslikeconfusion.Butbehinditisoneofthemostproductiveperiodsofresearchinmacroeconomics.TheeditorsoftheQuarterlyJournalofEconomicshavecommissionedaseriesofessaysonthetheme:whatdoweknowaboutfieldxthatMarshalldidnot?Inthecaseofmacroeconomics,Marshallisnottherig
7、htreference.ButifwereplacehisnamewiththoseofWicksellandofFisher,thetwodominantfiguresinthefieldatthestartofthetwentiethcentury,theanswerisveryclear:wehavelearnedalot.Indeed,progressinmacroeconomicsmaywellbethesuccessstoryoftwentiethcenturyeconomics.Suchastrong
