Notas críticas sobre a macroeconomia novo-keynesiana

Cláudio Gontijo
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Cláudio Gontijo: UFMG

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This article seeks to show that, in spite of major steps towards getting close to reality, new-Keynesian macroeconomics is still full of difficulties, like the "ad hoc" hypothesis used to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, price and wage rigidities - which are recognized as "stylized facts" - seem to stand in sandy bases, while it seems problematic to derive the IS and LM curves from its neoclassical fundamentals. In this sense, the connections between the short run and the long run, which includes the relationships between the interest rate and money and between money and output do not seem consistent. Finally, the challenge of the neoclassical fundamentals posed by Joan Robinson and Sraffa criticisms remain largely uncontested.

JEL-codes: B22 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2007-10
New Economics Papers: this item is included in nep-hpe and nep-mac
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