Keynesian Dynamics and the wage price spiral. A baseline disequilibrium approach [PDF]
We reformulate the AS-AD growth model of the Neoclassical Synthesis (Stage I) with its traditional microfoundations. The model still has an LM curve in the place of a Taylor interest rate rule, exhibits sticky wages as well as sticky prices, myopic ...
P. Chen, T. Asada
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On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms [PDF]
In the last years, a number of contributions has argued that monetary -- and, more generally, economic -- policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a
Andrea Roventini, Giorgio Fagiolo
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Credit and Prices in Woodford’s New Neoclassical Synthesis
, 2020 ABSTRACT: Following 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.
Tobón Arias, Alexander de Jesús +1 more
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The Macroeconomic Effects of Military Buildups in a New Neoclassical Synthesis Framework [PDF]
The 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.
Alain Paquet +2 more
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The New Classical Counter-Revolution: False Path or Illuminating Complement? [PDF]
In this paper the author responds to Laurence Seidman’s recent article, ‘The New Classical Counter-Revolution: A False Path for Macroeconomics’. The author challenges the view that new classical macroeconomics has been a false path and provides a ...
Brian Snowdon
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On the Need for New Economic Foundations: A Critique on Mainstream Macroeconomics
Cadmus, 2012 The body of macroeconomic theory known as the neoclassical-Keynesian synthesis, hereafter mainstream macroeconomics, has dominated the practice of economics since the middle of the twentieth century and is largely unchallenged in institutions that teach ...
Robert Hoffman
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Structural changes in economics during the last fifty years [PDF]
This essay portrays the major currents in recent economic thinking against the orthodoxy and dogmatism of neoclassical economics. It places behavioral economics, experimental economics, evolutionary economics, ecological economics, new institutional ...
Mishra, SK
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Behavioral economics: science or exoticism?
Мир новой экономики, 2018 While studying economics as a science and an active sphere of human activity, scientists aim to give consistency to their knowledge, ensure that they are adequate and constructive.
I. N. Drogobytsky
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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]
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
Cezary Wójcik, Peter Backé
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