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Scope and Flaws of the New Neoclassical Synthesis [PDF]
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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The New Neoclassical Synthesis, the Phillips Curve and the Art of Economic Policy
Rivista italiana degli economisti, 2007The Phillips curve has been at the same time an econometric object, a trade-off curve and an analytical equation representing the aggregate supply in a macro model. The paper considers these aspects as they emerge from the so called new "neoclassical synthesis'' models used for monetary policy. These models, while reviving Hicks' IS-LM apparatus within
FERRI, Pietro Enrico +1 more
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The Neoclassical Synthesis and the Emergence of Heterodox Economics
SSRN Electronic Journal, 2014After reviewing Samuelson's use of the term "neoclassical synthesis" in relation to both Foundations of Economic Analysis, and his introductory textbook, the paper argues that the use of the term changed as it was taken up by heterodox economists seeking a term to represent the orthodoxy against which they were reacting.
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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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J.M. Keynes, Neoclassical Synthesis, New Neoclassical Synthesis and the Crisis: the Current State of Macroeconomic Theory [PDF]
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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The New Neoclassical Synthesis and the Monetary Policy
2005The 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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Credit and Prices in the New Neoclassical Synthesis
2015CNRS NR; AERES NR ; International ...
Barbaroux, Nicolas, Tobon, A.
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Credit and Prices in Woodford's New Neoclassical Synthesis
Economic Thought, 2015Following recent debates on the New Neoclassical Synthesis, the theory of monetary policy has been renewed. The prevailing method, illustrated by Woodford's version of Interest and Prices, is a Dynamic Stochastic General Equilibrium Model in which the old LM curve is voluntarily substituted by an optimal monetary rule.
Alexander Tobon, Nicolas Barbaroux
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A new orthodoxy: the neoclassical synthesis
1995Michel Beaud, Gilles Dostaler
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