Robert W. Clower’s article “The Keynesian Counter-Revolution: A Theoretical Appraisal” (1965) was central to the transformation of Keynesian macroeconomics since it contributed to the emergence of fixed-price models, in the 1970s. Despite this influence, no scholar has proposed to explain its origins. My paper aims to fill this gap. It is argued that Clower came to build his disequilibrium program of microfoundations after changing radically his views about the meaning and the nature of the ‘Keynesian Revolution’. During a first research phase (19491957), Clower considered that Keynesian macroeconomics was compatible with market clearing and with Walrasian microfoundations. But he eventually moved away from these equilibrium and synthesis perspectives. During a second research phase (1958-1962), he came to conclude that Keynesian macroeconomics had to be rooted in a disequilibrium framework and could not be based on Walrasian microfoundations. Hence the existence of a volte-face. This volte-face is explained by putting the invariants of Clower’s thought (i.e., his search for microfoundations adapted to Keynesian macroeconomics, and his concerns with unstable dynamics) in perspective with the contemporary developments in the disequilibrium macroeconomics of Don Patinkin, and in the non-tâtonnement economics of Frank Hahn and Takashi Negishi. JEL Codes: B2, D5 Keywords: microfoundations of macroeconomics, disequilibrium theory, instability of the full employment equilibrium, Clower, Patinkin. University of Lille, LEM-­‐CNRS (UMR 9221): plassardromain@gmail.com. I am grateful to Roger E. Backhouse, Harald Hagemann, Kevin D. Hoover, Goulven Rubin, Michel de Vroey, and an anonymous referee for their valuable comments on earlier drafts of this article. I am also grateful to the staff of the David M. Rubenstein Rare Book and Manuscript Library of Duke University for their help with the Robert Clower Papers.

中文翻译：

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克洛尔关于“凯恩斯革命”的 Volte-Face

Robert W. Clower 的文章“凯恩斯主义反革命：理论评估”（1965 年）是凯恩斯主义宏观经济学转型的核心，因为它促成了 1970 年代固定价格模型的出现。尽管有这种影响，但没有学者提出解释其起源。我的论文旨在填补这一空白。有人认为，克洛尔在彻底改变了他对“凯恩斯革命”的意义和性质的看法之后，开始建立他的微观基础不平衡计划。在第一个研究阶段 (19491957)，克洛尔认为凯恩斯宏观经济学与市场出清和瓦尔拉斯微观基础相容。但他最终远离了这些平衡和综合的观点。在第二个研究阶段（1958-1962），他得出的结论是，凯恩斯主义宏观经济学必须植根于一个非均衡框架，不能建立在瓦尔拉斯微观基础之上。因此存在一个电压面。通过将克洛尔思想的不变量（即他对适应凯恩斯宏观经济学的微观基础的探索，以及他对不稳定动态的关注）与唐·帕廷金 (Don Patinkin) 的非均衡宏观经济学的当代发展以及非- Frank Hahn 和 Takashi Negishi 的 tâtonnement 经济学。JEL 代码：B2、D5 关键词：宏观经济学的微观基础、不均衡理论、充分就业均衡的不稳定性、Clower、Patinkin。里尔大学，LEM--CNRS (UMR 9221)：plassardromain@gmail.com。感谢 Roger E. Backhouse、Harald Hagemann、Kevin D. Hoover，Goulven Rubin、Michel de Vroey 和匿名审稿人对本文早期草稿的宝贵意见。我还要感谢杜克大学 David M. Rubenstein 珍本和手稿图书馆的工作人员对 Robert Clower 论文的帮助。