Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense
AbstractThis paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes's ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 22 (1996)
Issue (Month): 3 (Summer)
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Post Keynesian; Supply;
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- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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- Nakatani, Takeshi & Skott, Peter, 2007.
"Japanese growth and stagnation: A Keynesian perspective,"
Structural Change and Economic Dynamics,
Elsevier, vol. 18(3), pages 306-332, September.
- Peter Skott & Takeshi Nakatani, 2006. "Japanese growth and stagnation: a Keynesian perspective," UMASS Amherst Economics Working Papers 2006-04, University of Massachusetts Amherst, Department of Economics.
- Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," UMASS Amherst Economics Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics.
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