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dc.contributor.authorvan der Ploeg, Fredericken
dc.date.accessioned2009-01-28T15:52:53Z-
dc.date.available2009-01-28T15:52:53Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/18788-
dc.description.abstractAfter a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian workhorses such as the micro-founded Keynesian multiplier and the New Keynesian Phillips curve. These theories capture wage and price sluggishness and aggregate demand externalities by departing from a competitive framework and give a key role to expectations. The main deficiencies, however, are the inability to predict a pro-cyclical real wage in the face of demand shocks, the absence of inventories, credit constraints and bankruptcies in explaining the business cycle, and no effect of the nominal as well as the real interest rate on aggregate demand. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based on the New Keynesian Phillips curve has quite a way to go before the quintessential Keynesian features are captured.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1424en
dc.subject.jelE32en
dc.subject.jelE63en
dc.subject.jelE12en
dc.subject.ddc330en
dc.subject.keywordKeynesian economicsen
dc.subject.keywordNew Keynesian Phillips curveen
dc.subject.keywordmonopolistic competitionen
dc.subject.keywordnominal wage rigidityen
dc.subject.keywordwelfareen
dc.subject.keywordpro-cyclical real wageen
dc.subject.keywordinventoriesen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwKeynesianismusen
dc.subject.stwKeynes John Maynarden
dc.titleBack to Keynes?-
dc.typeWorking Paperen
dc.identifier.ppn484737899en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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