IDEAS home Printed from https://ideas.repec.org/p/imk/wpaper/12-2009.html
   My bibliography  Save this paper

The New Consensus from a Traditional Keynesian and Post-Keynesian Perspective

Author

Listed:
  • Sebastian Dullien

    () (University of Applied Sciences)

Abstract

This paper examines in how far the DSGE model which is often dubbed the New Keynesian Consensus is compatibel with a Post-Keynesian or traditional Keynesian understanding of the economy. It is argued that while at first sight DSGE models seem to include a lot of traditional Keynesian or even Post-Keynesian elements such as endogeneous money or the need for an active central bank, the mechanisms at work are completely incompatible with a traditional or Post-Keynesian understanding of the working of the macroeconomy.

Suggested Citation

  • Sebastian Dullien, 2009. "The New Consensus from a Traditional Keynesian and Post-Keynesian Perspective," IMK Working Paper 12-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  • Handle: RePEc:imk:wpaper:12-2009
    as

    Download full text from publisher

    File URL: http://www.boeckler.de/pdf/p_imk_wp_12_2009.pdf
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Study Group (PKSG).
    2. repec:elg:ejeepi:v:14:y:2017:i:2:p131-172 is not listed on IDEAS
    3. Jens-Ole Koehrsen, 2011. "Paradigmenwechsel in der wirtschaftswissenschaftlichen Politikberatung?," IMK Studies 2-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Hein, Eckhard, 2016. "Post-Keynesian macroeconomics since the mid-1990s: Main developments," IPE Working Papers 75/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Thomas I. Palley, 2013. "Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 179-204, April.

    More about this item

    Keywords

    DSGE; New Keynesian Consensus; Monetary Policy; Fiscal Policy; endogenous money;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imk:wpaper:12-2009. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sabine Nemitz). General contact details of provider: http://edirc.repec.org/data/imkhbde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.