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Critical notes on new-Keynesian macroeconomics

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  • Claudio Gontijo

Abstract

This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from “ad hoc” hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent. JEL classification: E12.

Suggested Citation

  • Claudio Gontijo, 2009. "Critical notes on new-Keynesian macroeconomics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(2), pages 285-301.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:2:p:285-301:id:481
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/481/479
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    More about this item

    Keywords

    macroeconomia; teoria novo-keynesiana; não-neutralidade da moeda; rigidez de preço e salário; rigidez nominal e real; curvas IS e LM; curva de Philips novo-keynesiana; Regra de Taylor;
    All these keywords.

    JEL classification:

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

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