On the Contribution of New Keynesian Economics

Hans van Ees and Harry Garretsen
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Hans van Ees: University of Groningen

Eastern Economic Journal, 1992, vol. 18, issue 4, 465-477

Abstract: In this paper we consider whether New Keynesian economics provides a meaningful framework for the analysis of the coordination problem in economic society. At this stage the New Keynesian coordination failure framework raises more questions than it provides answers. However, it has the potential to develop to an important area of macroeconomic research if subsequent research is directed toward the implications for economic performance of institutional characteristics of modern economies. In this respect the general equilibrium framework of New Keynesian economics is not appropriate. The analysis of coordination failures may benefit from insights that have been developed in the non-mainstream literature.

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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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:18:y:1992:i:4:p:465-477

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