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The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...
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postwar period - from the "Age of Keynes" through the Friedmanian era and the return of Neoclassical economics in a … earlier Keynesian tradition to see what was left out of postwar macro. For example, the synthesis version of Keynes never … incorporated true uncertainty or "unknowledge" and thus deviated substantially from Keynes's treatment of expectations in chapters …
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. Darüber hinaus steckte Friedmans Ideologie den Rahmen des sogenannten Neu-Keynesianismus ab, welcher sich nur durch die … beschrieben scheint, die zusammen eine Zange darstellen, die den "alten" Keynesianismus weitestgehend aus dem Fach verdrängt hat …
Persistent link: https://www.econbiz.de/10010393515
The present article is an attempt to reconstruct a macro-dynamic theory of the monetary economy on the basis of the theory of monopolistically competitive firms formulated as a micro-foundation for the decentralized price mechanism. It shows how the micro-founded theorization of the very...
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