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Еconomic theory and the New-Keynesian school

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  • Josheski, Dushko
  • Magdinceva-Sopova, Marija

Abstract

In this paper it is described the school of neo-Keynesians (Akerlof and Stiglitz are in the group of ”Hard” New-Keynesians, that don’t accept New neo-classical synthesis, i.e. Dynamic Stochastic General equilibrium models-DSGE),that as a basic source of instability in the economies view the demand аnd supply side shocks, short run is important for them, wages and prices are rigid, expectations of the economic agents are rational, but also historical data are of great importance, and they introduced microeconomic foundations for their macroeconomic models.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53284.

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Date of creation: 30 Jan 2014
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Handle: RePEc:pra:mprapa:53284

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Keywords: New-Keynesians; nominal rigidities; microeconomic foundations;

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  1. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(1), pages 191-205, February.
  2. Bleaney, Michael, 1991. "Why Is Evidence for Implicit Contracts in the Labour Market So Scarce?," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 30(56), pages 21-27, June.
  3. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 97(1), pages 109-38, February.
  4. Roberts, John M, 1995. "New Keynesian Economics and the Phillips Curve," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(4), pages 975-84, November.
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