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The New Classical Counter-Revolution: False Path or Illuminating Complement?

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Author Info
Brian Snowdon () (Northumbria University)
Abstract

In this paper the author responds to Laurence Seidman’s recent article, ‘The New Classical Counter-Revolution: A False Path for Macroeconomics’. The author challenges the view that new classical macroeconomics has been a false path and provides a critique of Seidman’s arguments with respect to his interpretation of the 1970s ‘stagflation’, the relevance of new classical macroeconomics for practical policymaking, the contribution of real business cycle theory, and the new classical content of contemporary macroeconomic textbooks. The author concludes that the new classical counter-revolution has had an extremely productive influence on the current mainstream new neoclassical synthesis framework.

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

Volume (Year): 33 (2007)
Issue (Month): 4 (Fall)
Pages: 541-562
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Handle: RePEc:eej:eeconj:v:33:y:2007:i:4:p:541-562

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  7. Laurence S. Seidman, 2005. "The New Classical Counter-Revolution: A False Path for Macroeconomics," Eastern Economic Journal, Eastern Economic Association, vol. 31(1), pages 131-140, Winter. [Downloadable!]
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  19. Edward J. Green, 2005. "A Review of Interest and Prices: Foundations of a Theory of Monetary Policy by Michael Woodford," Journal of Economic Literature, American Economic Association, vol. 43(1), pages 121-134, March. [Downloadable!] (restricted)
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  32. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
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  34. Nelson, Edward & Nikolov, Kalin, 2004. "Monetary Policy and Stagflation in the UK," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 293-318, June.
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  35. Laurence S. Seidman, 2005. "The New Classical Counter-Revolution: A False Path for Macroeconomics," Eastern Economic Journal, Palgrave Macmillan Journals, vol. 31(1), pages 131-140, Winter. [Downloadable!] (restricted)
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