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Estimation of the specific features of the New Keynesian Doctrine, compared to other schools in modern macroeconomics

Based on the analysis from the position of the New Keynesian approach of the critical literature and the publications of the New Keynesians, the principal distinctions are defined between their conceptions in the field of the macroeconomic theory and those of the „Old“ Keynesians, Neo- and mainly New Classic economists, whose concept along with that of the New Keynesians is an integral part of the modern mainstream economics. The analysed distinctions are classified in three main lines – in methodological, conceptual and practical aspects. Summary and estimation of the critical notes of the New Keynesians in reference to the cardinal for the New Classic economists theories for the rational expectations and the real business cycle are completed. As a result of the accomplished comparative analysis some common conclusions and estimations for the added value of the New Keynesian doctrine to the development of the macroeconomics are suggested.

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Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2010)
Issue (Month): 1 ()
Pages: 28-45

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Handle: RePEc:bas:econth:y:2010:i:1:p:28-45
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  1. Olivier Blanchard, 2000. "What do we know about Macroeconomics that Fisher and Wicksell did not?," NBER Working Papers 7550, National Bureau of Economic Research, Inc.
  2. Mankiw, N. Gregory, 1992. "The reincarnation of Keynesian economics," European Economic Review, Elsevier, vol. 36(2-3), pages 559-565, April.
  3. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," NBER Working Papers 12349, National Bureau of Economic Research, Inc.
  4. Bruce Greenwald & Joseph E. Stiglitz, 1993. "New and Old Keynesians," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 23-44, Winter.
  5. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-71, September.
  6. Victor Zarnowitz, 1984. "Recent Work on Business Cycles in Historical Perspective: Review of Theories and Evidence," NBER Working Papers 1503, National Bureau of Economic Research, Inc.
  7. J. Peter Neary & Joseph E. Stiglitz, 1979. "Towards A Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria," NBER Working Papers 0376, National Bureau of Economic Research, Inc.
  8. Mankiw, N Gregory, 1989. "Real Business Cycles: A New Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 79-90, Summer.
  9. Zarnowitz, Victor, 1985. "Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 523-80, June.
  10. Greenwald, Bruce C & Stiglitz, Joseph E, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 229-64, May.
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