Document Type : Research Paper
Author
Faculty member of Allameh Tabatabai University
Abstract
Macroeconomics has undergone enormous changes since its birth in 1930s. Although the new developments have enhanced our understanding of macroeconomic problems and policies effects, their fast pace and vast areas have made catching up difficult for both teachers and students in the field. In this paper, I review the recent developments in macroeconomics models, approaches, methodologies, and tools. I start with the traditional macroeconomics models, i.e. Keynesian and classics, and quickly turn to Post-Keynesian, New Classics, New Keynesian, and real business cycle approaches. I then briefly touch upon the game theory, growth, general equilibrium, and computational models and their applications in macroeconomics. I also provide a short comparative analysis about teaching and research in macroeconomics in Iran versus the rest of the world, mainly Western universities. The paper ends with predictions about the future of the field along with some recommendations on teaching and research in macroeconomics, particularly for the Iranian universities.
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