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Title:New consensus macroeconomics: a critical appraisal PDF Logo
Authors:Arestis, Philip
Issue Date:2009
Series/Report no.:Working papers // The Levy Economics Institute 564
Abstract:This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems with this particular theoretical framework. We focus here on two important aspects closely related to NCM: the absence of banks and monetary aggregates from this theoretical framework, and the way the notion of the equilibrium real rate of interest” is utilized by the same framework. The analysis is critical of NCM from a Keynesian perspective.
Subjects:New consensus macroeconomics
monetary policy
banks
monetary aggregates
equilibrium real rate of interest
JEL:E10
E12
Document Type:Working Paper
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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