Trends in Macroeconomics
Wren-Lewis (2007) is based on a talk to a Treasury/GES conference on the consensus in macroeconomics. I argue that the consensus reflects the success of the microfoundations project, but that this has some important implications for the way macroeconomics progresses.
Microfoundations
Wren-Lewis (2011) is my first attempt to write about the methodology of macroeconomics. I argue that in incorporating nominal inertia, the microfoundations project has had to modify its concept of internal consistency in a way that compromises its methodological position. This had led to some ambiguity among researchers over the extent to which relationships which have empirical support but which lack microfoundations can be examined within otherwise microfounded models. Comments are most welcome.
There is also an extensive discussion of microfoundations methodology on my blog (search for methodology)
References
Wren-Lewis, S (2007) ‘Are There Dangers in the Microfoundations Consensus?’ in Is There a New Consensus in Macroeconomics? Ed Arestis, P, Palgrave Macmillan. (book, earlier version)
Wren-Lewis, S (2011) 'Internal Consistency, Nominal Inertia and the Microfoundations of Macroeconomics' Journal of Economic Methodology, Vol. 18(2) pp 129-146 (article, working paper)