Evaluation of Modern Macroeconomic Schools from the Perspective of Stylized Facts (1950s to 2000s)

This study aims to evaluate contemporary macroeconomic schools within the framework of stylized facts (SF) and examines the validity of macroeconomic theories from the 1950s to the 2000s in light of actual economic developments. In our study, the consistency of macroeconomic schools (their foundation on microeconomic principles) and their validity (their alignment with actual economic observations) have been analyzed. As a result, it has been determined that New Keynesian and Post-Keynesian Economics provide a more explanatory framework in terms of SF, whereas some assumptions of the Monetarist and New Classical Schools regarding market mechanisms do not fully align with actual developments.