New Keynesian Economics in Perspective
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.
Volume (Year): 18 (1992)
Issue (Month): 4 (Fall)
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