Towards a New Synthesis: New Consensus Macroeconomics

Dilip M. Nachane
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Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter Chapter 4 in Critique of the New Consensus Macroeconomics and Implications for India, 2018, pp 83-108 from Springer

Abstract: Abstract By the beginning of the 1980s, the triumph of the new classical and real business cycle schools was more or less complete. However led by a group of prominent economists (Akerlof, Blanchard, Stiglitz, Greenwald, Romer, Yellen, etc.) in the mid-1980s, Keynesianism made a strong revival under the new banner of neo- (or new)-Keynesianism. The neo-Keynesians tried to resurrect Keynesianism by placing it on sound micro-foundations. However, the movement seemed to lack a unifying monolithic structure. The task of integrating these different dimensions into a coherent whole was left to be accomplished by the so-called New Consensus Macroeconomics (NCM) that emerged a few years later. This chapter analyses the various aspects of neo-Keynesianism and the NCM in some detail.

Keywords: Consensus Macroeconomics; Real Business Cycle School; Nominal Demand Shocks; Aggregate Supply Curve; Thick Market Externalities (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/978-81-322-3920-8_4

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