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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 ...
Giorgio Pizzutto
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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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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.
Waldo Mendoza
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Wicksell, Keynes, and the New Neoclassical Synthesis: What Can We Learn for Monetary Policy?
Economic Notes, 2014The New Neoclassical Synthesis (NNS) provides the established macroeconomic foundation for monetary policy. The Great Recession has, however, unveiled a number of unresolved issues. Prominent scholars have stressed the connections of the NNS with the founders of macroeconomic thought, Wicksell and Keynes.
Mazzocchi, Ronny +2 more
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2008
Classical orthodoxy since David Ricardo, Lord Overstone and Robert Torrens has assumed the long-run neutrality of money applying the quantity theory of money as proposed by David Hume. In the long run, when prices have adjusted to their equilibrium values, there is a proportional relationship between the quantity of money supplied and the level of ...
Eckhard Hein
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Classical orthodoxy since David Ricardo, Lord Overstone and Robert Torrens has assumed the long-run neutrality of money applying the quantity theory of money as proposed by David Hume. In the long run, when prices have adjusted to their equilibrium values, there is a proportional relationship between the quantity of money supplied and the level of ...
Eckhard Hein
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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 ...
Goodfriend, Marvin
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History of economic ideas, 2004
This paper discusses the emergence of a New NeoClassical Synthesis in macroeconomics. It shows that the New NeoClassical Synthesis is the result of the methodological convergence that has occurred between New Keynesian Economics and Real Business Cycle theory.
A. Zouache
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This paper discusses the emergence of a New NeoClassical Synthesis in macroeconomics. It shows that the New NeoClassical Synthesis is the result of the methodological convergence that has occurred between New Keynesian Economics and Real Business Cycle theory.
A. Zouache
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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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Dynamic Properties of the New Neoclassical Synthesis Model of Business Cycle [PDF]
, 2000 Linear and Hodrick-Prescott detrending methods do not provide a good approximation of the business cycle when output contains a unit root. I use the multivariate Beveridge-Nelson decomposition to document the main patterns of US postwar business cycle when output and some other variables are assumed to be integrated I(1) processes.
Frederic Dufourt
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2018
Paul Davidson continues in this chapter, under the title ‘Why Neither Samuelson’s Neoclassical Synthesis Keynesianism Nor New Keynesianism Theory Is Compatible with Keynes’s General Theory’. This chapter demonstrates that the specified presumptions underlying Neoclassical Synthesis Keynesian Theory and New Keynesian Theory are in direct conflict with ...
P. Davidson
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Paul Davidson continues in this chapter, under the title ‘Why Neither Samuelson’s Neoclassical Synthesis Keynesianism Nor New Keynesianism Theory Is Compatible with Keynes’s General Theory’. This chapter demonstrates that the specified presumptions underlying Neoclassical Synthesis Keynesian Theory and New Keynesian Theory are in direct conflict with ...
P. Davidson
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