New Keynesian Economics in Perspective

David Colander

Eastern Economic Journal, 1992, vol. 18, issue 4, 438-448

Abstract: This paper argues that in order for the term New Keynesian to be useful, its definition must be limited to work involving aggregate coordination failures within a general equilibrium context. After distinguishing three broad debates in macroeconomics--the Keynesian/Classical debate, the Neo-Keynsian/Neo-Classical debate, and the New Keynesian/New Classical debate--the paper discusses the implications of New Keynesian work, arguing that this work will lead to a fundamentally different specification of the macroeconomic debate and that the New Keynesian model can be captured in a textbook model by adding coordination to the aggregate production function.

Keywords: Macroeconomics; New Keynesian (search for similar items in EconPapers)
JEL-codes: E12 (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:18:y:1992:i:4:p:438-448

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