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New Keynesian Economics in Perspective

Author

Listed:
  • David Colander

    (Middlebury College)

Abstract

This paper argues that in order for the term New Keynesian to be useful, its definition must be limited to work involving aggregate coordination failures within a general equilibrium context. After distinguishing three broad debates in macroeconomics--the Keynesian/Classical debate, the Neo-Keynsian/Neo-Classical debate, and the New Keynesian/New Classical debate--the paper discusses the implications of New Keynesian work, arguing that this work will lead to a fundamentally different specification of the macroeconomic debate and that the New Keynesian model can be captured in a textbook model by adding coordination to the aggregate production function.

Suggested Citation

  • David Colander, 1992. "New Keynesian Economics in Perspective," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 438-448, Fall.
  • Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:438-448
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume18/V18N4P438_448.pdf
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    Cited by:

    1. Chirwa, Themba G., 2009. "The role of real and nominal variables in defining business cycles: dynamic properties of a hybrid model - an alternative view," MPRA Paper 18949, University Library of Munich, Germany.
    2. Paul Davidson, 1992. "Would Keynes Be a New Keynesian?," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 449-463, Fall.
    3. Gramh Brownlow, 2010. "Fabricating Economic Development," The Economic and Social Review, Economic and Social Studies, vol. 41(3), pages 301-324.
    4. Krume Nikoloski & Ognen Aleksoski & Borka Petrusheva, 2015. "Economic Thought Through The Prism Of New Keynesian Economics," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 17-21, January.

    More about this item

    Keywords

    Macroeconomics; New Keynesian;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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