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but compatible traditions: monetary disequilibrium theory (MDT) and the Austrian business cycle theory (ABCT). I argue … Keynes's General Theory. Unfortunately, their ideas were not united in time to mount a sufficient counterattack to the … link” that can help connect these alternative paths: free banking theory …
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) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …
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This paper examines in how far the DSGE model which is often dubbed the New Keynesian Consensus is compatibel with a Post-Keynesian or traditional Keynesian understanding of the economy. It is argued that while at first sight DSGE models seem to include a lot of traditional Keynesian or even...
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