The New Keynesian Synthesis
The new Keynesians made more rapid progress in understanding the microeconomics of unemployment than in understanding the microeconomics of nominal price rigidity. But the past five years have seen important breakthroughs in this second area. This paper will describe these breakthroughs, discuss our current understanding of nominal rigidity, and assess the work that remains to be done.
Volume (Year): 7 (1993)
Issue (Month): 1 (Winter)
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