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A Brief Review of New Neoclassical Synthesis of Monetary Policy
GLIMS Journal of Management Review and Transformation, 2023This article reviews the central tenants of the New Neoclassical Synthesis of monetary policy. Starting with the optimising behaviour of central banks, this article reviews different theoretical developments like the role of expectations, the Taylor Principle, time-inconsistency, central bank independence and the importance of financial markets for ...
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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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Catching-Up and Credit Booms in Central and Eastern European EU Member States and Acceding Countries: An Interpretation within the New Neoclassical Synthesis Framework [PDF]
SSRN Electronic Journal, 2006 Credit to the private sector has risen rapidly in many Central and Eastern European EU Member States (MS) and acceding countries (AC) in recent years. The lending boom has recently been particularly strong in the segment of loans to households, primarily mortgagebased housing loans, and in those countries that operate currency boards or other forms of ...
Peter Backé, Cezary Wójcik
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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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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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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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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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The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework
2003The authors study the macroeconomic consequences of large military buildups using a New Neoclassical Synthesis (NNS) approach that combines nominal rigidities within imperfectly competitive goods and labour markets. They show that the predictions of the NNS framework generally are consistent with the sign, timing, and magnitude of how hours worked ...
Paquet, Alain +2 more
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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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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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