The State of New Keynesian Economics: A Partial Assessment
No 13095, CEPR Discussion Papers from C.E.P.R. Discussion Papers
I take stock of the state of New Keynesian economics by reviewing some of its main insights and by providing an overview of some recent developments. In particular, I discuss some recent work on two very active research programs: the implications of the zero lower bound on nominal interest rates and the interaction of monetary policy and household heterogeneity. Finally, I discuss what I view as some of the main shortcomings of the New Keynesian model and possible areas for future research.
New Economics Papers: this item is included in nep-cba, nep-dge and nep-hpe
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