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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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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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WAGE FLEXIBILITY AND THE STABILITY ARGUMENTS OF THE NEOCLASSICAL SYNTHESIS
Metroeconomica, 1996ABSTRACTThis note fills a lacuna in the neoclassical synthesis and completes its dynamic disequilibrium processes by including adjustments of the money wage rate in response to excess demand on the labour market. A Walrasian and a Keynesian variant are distinguished.
Flaschel, Peter, Franke, Reiner
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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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Bayesian New Neoclassical Synthesis (Nns) Models: Modern Tools for Central Banks
Journal of the European Economic Association, 2005This paper discusses the advantages of Bayesian New Neoclassical Synthesis models as tools for monetary policy analysis and forecasting. The combination of a sound, micro founded structure with a good probabilistic description of the observed data makes those models suitable for investigating the structural sources of business cycle fluctuations, for ...
Frank Smets, Rafael Wouters
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Credit booms, monetary integration and the new neoclassical synthesis
Journal of Banking & Finance, 2008Abstract Credit to the private sector has risen rapidly in many new Central and Eastern European EU Member States (nMS) in recent years. The lending boom has recently been particularly strong in the segment of loans to households, primarily mortgage-based housing loans, and in those countries that operate currency boards or other forms of hard pegs ...
Peter Backé, Cezary Wójcik
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The New Neoclassical Synthesis and the Monetary Policy
SSRN Electronic Journal, 2004The new neoclassical synthesis combines ideas of Keynesian and classical economics. It involves the application of intertemporal optimization and rational expectations. These are applied to the analysis of pricing and output decisions in a Keynesian context as well to the consumption, investment and labor supply decisions proper of real business cycle ...
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J.M. Keynes, Neoclassical Synthesis, New Neoclassical Synthesis and the Crisis: the Current State of Macroeconomic Theory [PDF]
, 2013 The aim of this paper is to describe chronologically the evolution of macroeconomic theory since the publication of the General Theory of J. M. Keynes in 1936 until the most recent macroeconomic developments motivated by the global economic crisis of 2008-2009.
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International Adjustment in the New Neoclassical Synthesis [PDF]
, 2007 This paper applies principles of the New Neoclassical Synthesis (NNS) to questions of international trade and financial adjustment. The analytical framework is a 2-country, 2-good, 2-period model designed to explore the behavior of the balance of payments, the terms of trade, and aggregate fluctuations in terms of interest rate and exchange rate ...
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Neoclassical Development Theory and the Prebisch Doctrine: A Synthesis
The American Economist, 1994For his search for an alternative development strategy for less developed countries, the late Argentinean economist Raul Prebisch is widely touted as a revolutionary scholar. This paper demonstrates that Prebisch's views differed little from those of typical neoclassical writers.
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