From Keynesianism to Monetarism: The Evolution of UK Macroeconometric Models

An understanding of why Keynesianism gave way to Monetarism is a crucial element in dealing with the mass unemployment of the 1990s. InFrom Keynesianism to Monetarism,Peter Kenway examines the evolution of the macroeconometric models of the British economy from the late 1960s onwards. These models were created by some of the leading academic economists who sought to radically alter the conduct of economic policy in Britain. Analyzing the models and the extensive documentation about them, Kenway provides valuable insight into the arguments behind proposed policies. He accounts for the momentous shift from the Keynesianism of the post-war period to the Monetarism of the last two decades and shows how understanding the evolution of the macroeconometric models can have important repercussions for current debates on how to avoid economic depression and slump.