Estimation of the specific features of the New Keynesian Doctrine, compared to other schools in modern macroeconomics

Alla Kirova

Economic Thought journal, 2010, issue 1, 28-45

Abstract: Based on the analysis from the position of the New Keynesian approach of the critical literature and the publications of the New Keynesians, the principal distinctions are defined between their conceptions in the field of the macroeconomic theory and those of the „Old“ Keynesians, Neo- and mainly New Classic economists, whose concept along with that of the New Keynesians is an integral part of the modern mainstream economics. The analysed distinctions are classified in three main lines – in methodological, conceptual and practical aspects. Summary and estimation of the critical notes of the New Keynesians in reference to the cardinal for the New Classic economists theories for the rational expectations and the real business cycle are completed. As a result of the accomplished comparative analysis some common conclusions and estimations for the added value of the New Keynesian doctrine to the development of the macroeconomics are suggested.

JEL-codes: B22 B41 E12 E13 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (3)

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