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The Reincarnation of Keynesian Economics

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  • N. Gregory Mankiw

Abstract

This paper discusses the reemergence of Keynesian economics during the past decade. It highlights the substantial differences between new Keynesian economics and the convictions of early Keynesians. In particular, it points out that new Keynesians have adopted many views that were once considered "monetarist" or "classical." It concludes that the term "Keynesian" may have outlived its usefulness.

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File URL: http://www.nber.org/papers/w3885.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3885.

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Date of creation: Jul 1992
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Handle: RePEc:nbr:nberwo:3885

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  1. The Re-reincarnation of Keynesian Economics
    by Dirk in econoblog101 on 2012-01-27 16:41:37
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Cited by:
  1. Pedro Garcia Duarte, 2011. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Working Papers, Department of Economics 2011_02, University of São Paulo (FEA-USP).
  2. Patrick Villieu, 2004. "Une macroéconomie sans LM ?. Un modèle de synthèse pour l'analyse des politiques conjoncturelles," Revue d'économie politique, Dalloz, vol. 0(3), pages 289-322.
  3. Alla Kirova, 2010. "Estimation of the specific features of the New Keynesian Doctrine, compared to other schools in modern macroeconomics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 28-45.
  4. Vahabi, Mehrdad, 2002. "The Soft Budget Constraint: An Institutionalist Approach," MPRA Paper 17649, University Library of Munich, Germany.
  5. Amir Kia & Ali F. Darrat, 2003. "Modeling Money Demand under the Profit-Sharing Banking Scheme: Evidence on Policy Invariance and Long-Run Stability," Carleton Economic Papers 03-13, Carleton University, Department of Economics, revised Apr 2007.
  6. Franz, Wolfgang, 1993. "Unvollkommene Arbeitsmärkte in makroökonomischen Modellen: Eine Übersicht," Discussion Papers 1, University of Konstanz, Center for International Labor Economics (CILE).
  7. Marco A. Espinosa-Vega & Jang-Ting Guo, 2001. "On business cycles and countercyclical policies," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 1-11.
  8. Sau, Lino, 2006. "Non-stabilizing Flexibility:From the Contributions By Keynes and Kalecki Towards a Post-Keynesian Approach," MPRA Paper 3391, University Library of Munich, Germany.

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