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
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
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Persistent link: https://EconPapers.repec.org/RePEc:imk:wpaper:12-2009
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