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The New Consensus from a Traditional Keynesian and Post-Keynesian Perspective

Sebastian Dullien ()

No 12-2009, IMK Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

Abstract: This paper examines in how far the DSGE model which is often dubbed the New Keynesian Consensus is compatibel with a Post-Keynesian or traditional Keynesian understanding of the economy. It is argued that while at first sight DSGE models seem to include a lot of traditional Keynesian or even Post-Keynesian elements such as endogeneous money or the need for an active central bank, the mechanisms at work are completely incompatible with a traditional or Post-Keynesian understanding of the working of the macroeconomy.

Keywords: DSGE; New Keynesian Consensus; Monetary Policy; Fiscal Policy; endogenous money (search for similar items in EconPapers)
JEL-codes: E00 E10 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:imk:wpaper:12-2009

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