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The Failure of the Neoclassical Synthesis
1996Keynes and the protagonists of Regulated Capitalism where not unaware of the role of government, but underrated its function when more and more collective services became necessary to sustain the increasingly complex economic structure, and they overrated its powers to exercise control over an economy which was rapidly becoming internationalized. Their
Y. S. Brenner, N. Brenner-Golomb
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Fiscal Policy in the New Neoclassical Synthesis
Journal of Money, Credit, and Banking, 2003We analytically derive the cyclical effects of fiscal policy shocks in a New Neoclassical Synthesis model. Price stickiness has the consequence that a rise in government demand affects labor demand, while at the same time the usual wealth effect boosts labor supply.
Ludger Linnemann, Andreas Schabert
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Paul A. Samuelson and the Neoclassical Synthesis
SSRN Electronic Journal, 2014This paper explores Samuelson's concept of the neoclassical synthesis. It is argued that his two main books hold out different types of synthesis. Foundations offered a synthesis based on common mathematical structures and presages the attempts to synthesize economics by Don Patinkin and Robert Lucas.
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Graphical Analysis of the New Neoclassical Synthesis
SSRN Electronic Journal, 2006In this paper we present a graphical analysis framework for the new neoclassical synthesis, which can be used to explain and interpret the behavior of the new neoclassical model under shocks. We elaborate the role of expectations on output and inflation as well as the influence of the monetary authority.
Guido Giese, Helmut Wagner
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Scope and Flaws of the New Neoclassical Synthesis [PDF]
SSRN Electronic Journal, 2013 The current consensus in macroeconomics represented by the New Neoclassical Synthesis (NNS) is based on dynamically stochastic general equilibrium (DSGE) modeling with Real Business Cycle (RBC) core to which nominal rigidities are added by way of imperfect competition.
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2009
Many economists, soon after the publication of the General Theory (1936), set out to formulate and, at the same time, to clarify the difficult and often confusing content of the book. Among the first models that were specified was that of John Hicks (1937, 1983), which was to constitute the backbone of what today came to be known as macroeconomics.
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Many economists, soon after the publication of the General Theory (1936), set out to formulate and, at the same time, to clarify the difficult and often confusing content of the book. Among the first models that were specified was that of John Hicks (1937, 1983), which was to constitute the backbone of what today came to be known as macroeconomics.
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Pre-Keynesian roots of the neoclassical synthesis
Cahiers d'économie politique, 1985Cet article effectue une comparaison entre l'approche pré-keynésienne de la théorie du revenu et de l'emploi et la synthèse néo-classique, ainsi que l'approche monétariste (représentées respectivement par Pigou, Modigliani et Friedman). Sur la base de cette comparaison, on soutient que l'approche pré-keynésienne et la synthèse néo-classique ont en ...
Roncaglia, Alessandro +1 more
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