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The New Consensus from a Traditional Keynesian and Post-Keynesian Perspective

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  • Sebastian Dullien

    ()
    (University of Applied Sciences)

Abstract

This paper examines in how far the DSGE model which is often dubbed the New Keynesian Consensus is compatibel with a Post-Keynesian or traditional Keynesian understanding of the economy. It is argued that while at first sight DSGE models seem to include a lot of traditional Keynesian or even Post-Keynesian elements such as endogeneous money or the need for an active central bank, the mechanisms at work are completely incompatible with a traditional or Post-Keynesian understanding of the working of the macroeconomy.

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File URL: http://www.boeckler.de/pdf/p_imk_wp_12_2009.pdf
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Bibliographic Info

Paper provided by IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute in its series IMK Working Paper with number 12-2009.

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Length: 29 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:imk:wpaper:12-2009

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Related research

Keywords: DSGE; New Keynesian Consensus; Monetary Policy; Fiscal Policy; endogenous money;

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Cited by:
  1. Thomas I. Palley, 2013. "Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 179-204, April.
  2. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Study Group (PKSG).

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