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Towards a «New NeoClassical Synthesis»? An Analysis of the Methodological Convergence between New Keynesian Economics and Real Business Cycle Theory

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  • Abdallah Zouache

    (CREUSET, University of Saint-Etienne, France)

Abstract

This paper discusses the emergence of a New NeoClassical Synthesis in macroeconomics. It shows that the New NeoClassical Synthesis is the result of the methodological convergence that has occurred between New Keynesian Economics and Real Business Cycle theory. As a result of this convergence, the New NeoClassical Synthesis appears as an extension of the methodology of Real Business Cycle theory. This consensus is illustrated with regard to the analysis of unemployment. An agreement has emerged between New Keynesian Economics and Real Business Cycle theory to abandon the concept of involuntary unemployment in order to focus on the study of the impact of frictional unemployment on employment dynamics.

Suggested Citation

  • Abdallah Zouache, 2004. "Towards a «New NeoClassical Synthesis»? An Analysis of the Methodological Convergence between New Keynesian Economics and Real Business Cycle Theory," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(1), pages 95-117.
    • Handle: RePEc:hid:journl:v:12:y:2004:1:4:p:95-117
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    Cited by:

    1. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
    2. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers (-2012) 0704, University of Bergamo, Department of Economics.

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