Еconomic theory and the New-Keynesian school

Dushko Josheski () and Marija Magdinceva-Sopova

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper it is described the school of neo-Keynesians (Akerlof and Stiglitz are in the group of ”Hard” New-Keynesians, that don’t accept New neo-classical synthesis, i.e. Dynamic Stochastic General equilibrium models-DSGE),that as a basic source of instability in the economies view the demand аnd supply side shocks, short run is important for them, wages and prices are rigid, expectations of the economic agents are rational, but also historical data are of great importance, and they introduced microeconomic foundations for their macroeconomic models.

Keywords: New-Keynesians; nominal rigidities; microeconomic foundations (search for similar items in EconPapers)
JEL-codes: E00 E12 (search for similar items in EconPapers)
Date: 2014-01-30
New Economics Papers: this item is included in nep-mac
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