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Arestis and Sawyer’s Criticism on the New Consensus Macroeconomics: Some Issues Related to Emerging Countries

Luiz Fernando de Paula and Fernando Ferrari-Filho
Authors registered in the RePEc Author Service: Fernando Ferrari Filho ()

Chapter 2 in Macroeconomics, Finance and Money, 2010, pp 19-34 from Palgrave Macmillan

Abstract: Abstract As is well known, the New Consensus Macroeconomic (NCM) can be characterized as an extension of the New Keynesian Theory. The New Keynesian Theory was developed in the 1980s and aimed at presenting a theoretical framework to explain what the New Keynesians believe to be the essential aspect of Keynes’s General Theory: the existence of price and wage rigidities. For instance, according to Mankiw and Romer (1991, p.1), ‘[b]ecause wage and price rigidities are often viewed as central to Keynesian economics, much effort was aimed at showing how these rigidities arise from the microeconomics of wage and price setting’.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; Fiscal Policy (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230285583_2

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