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Some critical aspects of the “new Keynesian macroeconomics”

Author

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  • Luiz Antonio de Oliveira Lima

Abstract

This paper argues that the new “Keynesian macroeconomics” presents someweak points by ignoring the long-run effects of aggregate demand on the working of theeconomic system. In order to introduce this1 reality, the paper shows that it is necessary todefine the relationships between real wage and unemployment in a manner that sheds lighton the crucial policies of employment and growth. This is done by introducing an investmentfunction which makes possible to determine different long run paths for the economyaccording to the state of the “animal spirits” of the entrepreneurs. JEL Classification: B22; E12.

Suggested Citation

  • Luiz Antonio de Oliveira Lima, 1994. "Some critical aspects of the “new Keynesian macroeconomics”," Brazilian Journal of Political Economy, Center of Political Economy, vol. 14(2), pages 173-189.
    • Handle: RePEc:ekm:repojs:v:14:y:1994:i:2:p:173-189:id:1278
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1278/1263
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    More about this item

    Keywords

    History of economic thought; post-Keynesianism; new Keynesianism;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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