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Keynesian Theory And The Aggregate-Supply/Aggregate-Demand Framework: A Defense

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Author Info
Peter Skott
Amitava Krishna Dutt () (University of Aarhus, Denmark, Department of Economics)

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Abstract

This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarist mark I, a rational expectations/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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Publisher Info
Paper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 1996-7.

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Length: 22 pages
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Handle: RePEc:aah:aarhec:1996-7

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Related research
Keywords: Keynesian theory; aggregate supply / aggregate demand framework; neoclassical synthesis;

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Find related papers by JEL classification:
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

Cited by:
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  1. Amitava K. Dutt & Peter Skott, 2005. "Keynesian Theory and the AD-AS Framework: A Reconsideration," Working Papers 2005-11, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  2. Peter Skott & Takeshi Nakatani, 2006. "Japanese growth and stagnation: a Keynesian perspective," Working Papers 2006-04, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
    Other versions:
  3. Charles F. Revier, 2000. "Policy Effectiveness and the Slopes of IS and LM Curves: A Graphical Analysis," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 31(4), pages 374-381. [Downloadable!]
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