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On the Contribution of New Keynesian Economics

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  • Hans van Ees

    (University of Groningen)

  • Harry Garretsen

    (University of Groningen)

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    Abstract

    In this paper we consider whether New Keynesian economics provides a meaningful framework for the analysis of the coordination problem in economic society. At this stage the New Keynesian coordination failure framework raises more questions than it provides answers. However, it has the potential to develop to an important area of macroeconomic research if subsequent research is directed toward the implications for economic performance of institutional characteristics of modern economies. In this respect the general equilibrium framework of New Keynesian economics is not appropriate. The analysis of coordination failures may benefit from insights that have been developed in the non-mainstream literature.

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    File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume18/V18N4P465_477.pdf
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    Bibliographic Info

    Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

    Volume (Year): 18 (1992)
    Issue (Month): 4 (Fall)
    Pages: 465-477

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    Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:465-477

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    Web page: http://www.ramapo.edu/eea/journal.html
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    Keywords: Macroeconomics; New Keynesian;

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    1. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-71, September.
    2. Blinder, Alan S, 1991. "Why Are Prices Sticky? Preliminary Results from an Interview Study," American Economic Review, American Economic Association, vol. 81(2), pages 89-96, May.
    3. Russell Cooper, 1987. "Dynamic Behavior of Imperfectly Competitive Economies with Multiple Equilibria," NBER Working Papers 2388, National Bureau of Economic Research, Inc.
    4. Russell Cooper & John Haltiwanger, 1993. "Evidence on Macroeconomic Complementarities," NBER Working Papers 4577, National Bureau of Economic Research, Inc.
    5. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
    6. Cooper, Russell, et al, 1990. "Selection Criteria in Coordination Games: Some Experimental Results," American Economic Review, American Economic Association, vol. 80(1), pages 218-33, March.
    7. Krugman, Paul, 1991. "History versus Expectations," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 651-67, May.
    8. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    9. Chatterjee, Satyajit & Cooper, Russell, 1989. "Multiplicity of Equilibria and Fluctuations in Dynamic Imperfectly Competitive Economies," American Economic Review, American Economic Association, vol. 79(2), pages 353-57, May.
    10. Meyer, Donald J, et al, 1992. "History's Role in Coordinating Decentralized Allocation Decisions," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 292-316, April.
    11. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(1), pages 32-48, October.
    12. repec:att:wimass:8825 is not listed on IDEAS
    13. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
    14. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
    15. Baumol, William J & Benhabib, Jess, 1989. "Chaos: Significance, Mechanism, and Economic Applications," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 77-105, Winter.
    16. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
    17. Weitzman, Martin L, 1982. "Increasing Returns and the Foundations of Unemployment Theory," Economic Journal, Royal Economic Society, vol. 92(368), pages 787-804, December.
    18. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August.
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