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New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative

Angel Asensio ()
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Angel Asensio: CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique

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Abstract: The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles ofgovernance which include monetary, budgetary and fiscal instruments, and suggest newdirections for the positive and normative analysis of macro-policies.

Keywords: Fiscal policy; Macroeconomic governance; Monetary policy; Post-Keynesian (search for similar items in EconPapers)
Date: 2006
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Published in Brazilian journal of political economy, 2006, 26 (4(104)), pp.537-551

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