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A new orthodoxy: the neoclassical synthesis

1995
Michel Beaud, Gilles Dostaler
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The partial effectiveness of monetary policy: a keynesian critique of the new neoclassical synthesis model

Starting from the observation that monetary policy has difficulties in stimulating the economy in a recession by lowering interest rates, we propose a revision of the ISTRI model of Abraham-Frois (2003), or its more complete version proposed by Pollin (2003), which makes the DSGE model more easily accessible for students.
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