Wage behaviour and unemployment in Keynes' and New Keynesians' views: A comparison

Nicola Meccheri ()

The European Journal of the History of Economic Thought, 2007, vol. 14, issue 4, 701-724

Abstract: The paper compares different strands of New Keynesian Economics with regard to Keynes' original work. Two issues are analysed in detail. First, the explanations provided by Keynes and New Keynesians of nominal and real wage behaviour. Second, the different theories concerning the ability of flexible nominal wages in assuring full employment. It is argued that, although involuntary unemployment is a central problem both in Keynes' and New Keynesians' views, referring to the role of nominal and real wages in explaining unemployment, New Keynesians theories present important features that differ, sometimes substantially, from the concepts developed by Keynes in his General Theory.

Keywords: J.M. Keynes; new Keynesian economics; nominal wages; real wages; unemployment (search for similar items in EconPapers)
Date: 2007
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Working Paper: Wages Behaviour and Unemployment in Keynes and New Keynesians Views. A Comparison (2004)
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DOI: 10.1080/09672560701695521

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