Critical notes on new-Keynesian macroeconomics
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 parti...
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| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2009 |
| País: | Brasil |
| Recursos: | EDITORA 34 |
| Repositorio: | Revista de Economia Política |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/481 |
| Acesso em linha: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/481 |
| Access Level: | acceso abierto |
| Palavra-chave: | macroeconomics new-keynesian theory non-neutrality of money price and wage rigidities nominal and real rigidities IS and LM curves new-Keynesian Philips curve Taylor rule 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 |
| Resumo: | 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. |
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