Relevant bibliographies by topics / New Keynesian theory

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'New Keynesian theory'

Author: Grafiati
Published: 4 June 2021
Last updated: 13 February 2022

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Journal articles on the topic "New Keynesian theory"

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Tobin, James. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives 7, no. 1 (February 1, 1993): 45–65. http://dx.doi.org/10.1257/jep.7.1.45.

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In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.
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Stockhammer, Engelbert. "IS THE NAIRU THEORY A MONETARIST, NEW KEYNESIAN, POST KEYNESIAN OR A MARXIST THEORY?" Metroeconomica 59, no. 3 (July 2008): 479–510. http://dx.doi.org/10.1111/j.1467-999x.2008.00314.x.

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Palley, Thomas I. "Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory." Journal of Post Keynesian Economics 19, no. 1 (September 1996): 113–35. http://dx.doi.org/10.1080/01603477.1996.11490100.

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BARKLEY ROSSER, J. "CHAOS THEORY AND THE NEW KEYNESIAN ECONOMICS." Manchester School 58, no. 3 (September 1990): 265–91. http://dx.doi.org/10.1111/j.1467-9957.1990.tb00423.x.

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Crotty, James R. "Is New Keynesian Investment Theory Really “Keynesian”? Reflections on Fazzari and Variato." Journal of Post Keynesian Economics 18, no. 3 (March 1996): 333–57. http://dx.doi.org/10.1080/01603477.1996.11490076.

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Artamonova, L. N. "POST-KEYNESIANISM: EVOLUTION OF KEYNESIAN MACROECONOMICS IN THE 20TH CENTURY." MGIMO Review of International Relations, no. 6(51) (December 28, 2016): 106–14. http://dx.doi.org/10.24833/2071-8160-2016-6-51-106-114.

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The article analyzes the development of J.M. Keynes's theory in the second half of the twentieth century due to the works within the new direction of economical science - Post-Keynesianism. It is shown that in free-market economy Keynesian school based of the original Keynesian methodology requires additional studies of state regulation principles and take into account the qualitative changes in the market mechanisms. It is shown that post-Keynesianism has had a significant impact on the subject of research and has taken into account the principles of free enterprise, market pricing, level of price dynamics. All this principles allow realizing the principle of self-regulation of the market mechanism. New approaches to the post-Keynesians role of the state and state regulation combined with the freedom of entrepreneurship are analyzed. Taking into account real changes and economic crises it is necessary to analyze the main directions of development of the Keynesian model of economic regulation with a view to their effective use in shaping economic policy. There are considered the basic directions of development of post-Keynesianism such as Neo-Ricardian theory of value and prices of goods based on direct costs of production in the framework of macroeconomic model by P. Sraffa, information theory of "fundamental" uncertainty of the future by R. Klauder and the theory of financial instability hypothesis by H. Minsky. Their differences within the framework of post-Keynesianism under the subject specialization are considered. It is noted that the development of PostKeynesianism allows to present the latest research in modern Keynesian school within an interdisciplinary approach to economical problems.
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Mankiw, N. Gregory. "Real Business Cycles: A New Keynesian Perspective." Journal of Economic Perspectives 3, no. 3 (August 1, 1989): 79–90. http://dx.doi.org/10.1257/jep.3.3.79.

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Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. In this essay, I appraise this newly revived approach to the business cycle. In my view, real business cycle theory does not provide an empirically plausible explanation of economic fluctuations. Both its reliance on large technological disturbances as the primary source of economic fluctuations and its reliance on the intertemporal substitution of leisure to explain changes in employment are fundamental weaknesses. Moreover, to the extent that it trivializes the social cost of observed fluctuations, real business cycle theory is potentially dangerous. The danger is that those who advise policymakers might attempt to use it to evaluate the effects of alternative macroeconomic policies or to conclude that macroeconomic policies are unnecessary.
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Messori, Marcello, and Roberto Tamborini. "FALLIBILITY, PRECAUTIONARY BEHAVIOUR and THE NEW KEYNESIAN MONETARY THEORY." Scottish Journal of Political Economy 42, no. 4 (November 1995): 443–64. http://dx.doi.org/10.1111/j.1467-9485.1995.tb01169.x.

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Nikiforov, Alexandr, Olga Antipina, and Nina Miklashevskaya. "Macroeconomics as a Set of Scientific Research Programmes: New Opportunities and Competitive Advantages." Moscow University Economics Bulletin 2015, no. 2 (April 30, 2015): 3–16. http://dx.doi.org/10.38050/01300105201521.

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The authors consider Macroeconomics as a set of interrelateol research programmes which incorporates such schools of thought as Neoclassical, Keynesian, Neoclassical synthesis, Monetarism, New Classical and New Keynesian. This approach has a number of competitive advantages over a standard course and provides new opportunities for researchers, academics, entrepreneurs and students of economic theory.
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Satti, Ahsan Ul Haq, Wasim Shahid Malik, and Ghulam Saghir. "New Keynesian Phillips Curve for Pakistan." Pakistan Development Review 46, no. 4II (December 1, 2007): 395–404. http://dx.doi.org/10.30541/v46i4iipp.395-404.

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Recently macroeconomists have moved to a new neo-classical synthesis by integrating Keynesian features like imperfect competition and nominal rigidities with dynamic stochastic general equilibrium model of the Real Business Cycle Theory with micro foundations and rational expectations, [see, for instance, McCallum and Nelson (1999)]. The standard model comprises of a trinity; consumption and inflation adjustment equations with a monetary authority’s reaction function. One of the pillar of the modelinflation adjustment equation, also known as New Keynesian Phillips Curve (NKPC) in the literature, has at least two important features; unlike the traditional Phillips curve the NKPC is forward-looking; and it has been derived from the profit maximising behaviour of the firms in a monopolistically competitive market structure.
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Dissertations / Theses on the topic "New Keynesian theory"

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Stockhammer, Engelbert. "Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?" Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2006. http://epub.wu.ac.at/1278/1/document.pdf.

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The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits, reducing minimum wages, decentralizing collective bargaining etc. Close inspection reveals that it nonetheless shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical tradtions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. (author's abstract)
Series: Department of Economics Working Paper Series
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Jackson, Aaron L. "Near-rational behavior in New Keynesian models /." view abstract or download file of text, 2002. http://wwwlib.umi.com/cr/uoregon/fullcit?p3061948.

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Thesis (Ph. D.)--University of Oregon, 2002.
Typescript. Includes vita and abstract. Includes bibliographical references (leaves 110-113). Also available for download via the World Wide Web; free to University of Oregon users.
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Kurmann, André. "New Keynesian price and cost dynamics : theory and evidence /." Full text, Acrobat Reader required, 2002. http://www.gbv.de/dms/zbw/557985994.pdf.

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Westaway, P. F. "An analysis of New Keynesian policies using control methods." Thesis, University of Cambridge, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.372274.

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Murray, James M. "Three essays in adaptive expectations in New Keynesian monetary economics." [Bloomington, Ind.] : Indiana University, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3337247.

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Thesis (Ph.D.)--Indiana University, Dept. of Economics, 2008.
Title from PDF t.p. (viewed on Jul 28, 2009). Source: Dissertation Abstracts International, Volume: 69-12, Section: A, page: 4808. Adviser: Eric M. Leeper.
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Jung, Yong-Gook. "Essays on the specification of New Keynesian dynamic stochastic general equilibrium model." Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2007. http://wwwlib.umi.com/cr/ucsd/fullcit?p3273810.

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Thesis (Ph. D.)--University of California, San Diego, 2007.
Title from first page of PDF file (viewed October 3, 2007). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 60-64).
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Hartropp, A. J. "Economic methodology, a Lakatosian appraisal of the Keynesian-monetarist-new classical controversy, and a critique." Thesis, University of Southampton, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370515.

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Röhe, Oke [Verfasser], Jürgen [Akademischer Betreuer] Jerger, and David N. [Akademischer Betreuer] DeJong. "New Keynesian DSGE models: theory, empirical implementation, and specification / Oke Röhe. Betreuer: Jürgen Jerger ; David N. DeJong." Regensburg : Universitätsbibliothek Regensburg, 2012. http://d-nb.info/1026165547/34.

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Gaus, Eric. "Macroeconomic models with endogenous learning." Thesis, University of Oregon, 2010. http://hdl.handle.net/1794/10868.

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xi, 87 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.
The behavior of the macroeconomy and monetary policy is heavily influenced by expectations. Recent research has explored how minor changes in expectation formation can change the stability properties of a model. One common way to alter expectation formation involves agents' use of econometrics to form forecasting equations. Agents update their forecasts based on new information that arises as the economy progresses through time. In this way agents "learn" about the economy. Previous learning literature mostly focuses on agents using a fixed data size or increasing the amount of data they use. My research explores how agents might endogenously change the amount of data they use to update their forecast equations. My first chapter explores how an established endogenous learning algorithm, proposed by Marcet and Nicolini, may influence monetary policy decisions. Under rational expectations (RE) determinacy serves as the main criterion for favoring a model or monetary policy rule. A determinant model need not result in stability under an alternative expectation formation process called learning. Researchers appeal to stability under learning as a criterion for monetary policy rule selection. This chapter provides a cautionary tale for policy makers and reinforces the importance of the role of expectations. Simulations appear stable for a prolonged interval of time but may suddenly deviate from the RE solution. This exotic behavior exhibits significantly higher volatility relative to RE yet over long simulations remains true to the RE equilibrium. In the second chapter I address the effectiveness of endogenous gain learning algorithms in the presence of occasional structural breaks. Marcet and Nicolini's algorithm relies on agents reacting to forecast errors. I propose an alternative, which relies on agents using statistical information. The third chapter uses standard macroeconomic data to find out whether a model that has non-rational expectations can outperform RE. I answer this question affirmatively and explore what learning means to the economy. In addition, I conduct a Monte Carlo exercise to investigate whether a simple learning model does, empirically, imbed an RE model. While theoretically a very small constant gain implies RE, empirically learning creates bias in coefficient estimates.
Committee in charge: George Evans, Co-Chairperson, Economics; Jeremy Piger, Co-Chairperson, Economics; Shankha Chakraborty, Member, Economics; Sergio Koreisha, Outside Member, Decision Sciences
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Gajic, Ruzica. "Macroeconomic Shocks and Monetary Policy : Analysis of Sweden and the United Kingdom." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-184682.

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External economic shocks cause domestic macroeconomic aggregates to fluctuate. This may call for a macroeconomic policy intervention. Since the early 1990s an increasing number of countries have adopted an inflation targeting framework. In reality, inflation targeters do not have perfect information when determining the interest rate in order to maintain their goal of price stability and stable economic growth. Therefore it is relevant to understand how shocks affect the domestic macroeconomic aggregates theoretically and investigate whether the theoretical predictions hold empirically. I use the New Keynesian model by Clarida, Galí and Gertler from 1999 and investigate explicitly the theoretical effects of expected and unexpected supply and demand-side shocks on the monetary policy instrument and the two monetary policy target variables – the interest rate, output gap and inflation rate. By analysing the impulse-response functions of a structural VAR model applied to quarterly Swedish and British data from 1994 to 2011, I test empirically the theoretical predictions according to the New Keynesian model. I find that the empirical results are in line with the theoretical predictions.
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Books on the topic "New Keynesian theory"

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Toward a new economics: Essays in post-Keynesian and institutionalist theory. London: Macmillan, 1986.

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Monetary policy and central banking: New directions in post-Keynesian theory. Cheltenham: Edward Elgar, 2012.

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Toward a new economics: Essays in post-Keynesian and institutionalist theory. Armonk, N.Y: M.E. Sharpe, 1985.

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1969-, Sonoda Tadashi, ed. A theory of producer-consumer household: The new Keynesian perspective on self-employment. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan, 2011.

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Maruyama, Yoshihiro. A theory of producer-consumer household: The new Keynesian perspective on self-employment. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan, 2011.

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Interest-rate rules in a new Keynesian framework with investment. Frankfurt am Main: Lang, 2011.

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Mankiw, N. Gregory. Sticky information versus sticky prices: A proposal to replace the new Keynesian Phillips curve. Cambridge, MA: National Bureau of Economic Research, 2001.

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Congdon, Tim. Money in a free society: Keynes, Friedman, and the new crisis in capitalism. New York: Encounter Books, 2011.

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Macroeconomic theory: Keynesian and neo-Walrasian models. Philadelphia: University of Pennsylvania Press, 1989.

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Cameron, John. Keynes' theory of the firm and its relevance for the current neo-keynesian revival. Norwich: School of Development Studies, University of East Anglia, 1986.

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Book chapters on the topic "New Keynesian theory"

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Felderer, Bernhard, and Stefan Homburg. "The Keynesian Theory." In Macroeconomics and New Macroeconomics, 69–113. Berlin, Heidelberg: Springer Berlin Heidelberg, 1987. http://dx.doi.org/10.1007/978-3-642-96969-0_6.

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Felderer, Bernhard, and Stefan Homburg. "The Keynesian Theory." In Macroeconomics and New Macroeconomics, 69–113. Berlin, Heidelberg: Springer Berlin Heidelberg, 1992. http://dx.doi.org/10.1007/978-3-642-58115-1_5.

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Eichner, Alfred S. "Post-Keynesian Theory and Empirical Research." In Toward a New Economics, 176–99. London: Palgrave Macmillan UK, 1985. http://dx.doi.org/10.1007/978-1-349-18060-8_8.

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Darity, William, and Arthur H. Goldsmith. "Mr. Keynes, the New Keynesians, and the Concept of Full Employment." In Post-Keynesian Economic Theory, 73–93. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2331-4_5.

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Davidson, Louise. "Would Keynes be a ‘New’ Keynesian?" In Uncertainty, International Money, Employment and Theory, 318–36. London: Palgrave Macmillan UK, 1999. http://dx.doi.org/10.1007/978-1-349-14991-9_24.

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Hein, Eckhard, and Engelbert Stockhammer. "A Post Keynesian Alternative to the New Consensus Model." In Macroeconomic Theory and Macroeconomic Pedagogy, 273–94. London: Palgrave Macmillan UK, 2009. http://dx.doi.org/10.1007/978-0-230-29166-9_15.

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Boitani, Andrea. "Post Keynesians versus New Keynesians on Imperfect Competition and Unemployment Equilibium." In The Notion of Equilibrium in the Keynesian Theory, 223–40. London: Palgrave Macmillan UK, 1992. http://dx.doi.org/10.1007/978-1-349-22086-1_16.

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Lavoie, Marc. "Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendments." In Macroeconomic Theory and Macroeconomic Pedagogy, 191–213. London: Palgrave Macmillan UK, 2009. http://dx.doi.org/10.1007/978-0-230-29166-9_11.

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Maruyama, Yoshihiro, and Tadashi Sonoda. "A Dual Economy of the New Keynesian Type with Self-Employment Included." In A Theory of the Producer-Consumer Household, 191–218. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230346680_7.

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Kriesler, Peter, and Marc Lavoie. "The New Consensus on Monetary Policy and Its Post-Keynesian Critique." In Post-Keynesian Essays from Down Under Volume IV: Essays on Theory, 388–407. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-47529-9_30.

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Conference papers on the topic "New Keynesian theory"

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Yang, Liu, and Li Li. "The Optimal Monetary Policy Theory and the Simulation Analysis in China: Based on the New Keynesian Economics." In 2009 International Workshop on Intelligent Systems and Applications. IEEE, 2009. http://dx.doi.org/10.1109/iwisa.2009.5073195.

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Tekgül, Yelda, and Mehmet Fatih Cin. "The Rise and Fall of the Washington/Post Washington Consensus as a Neoclassical Paradigm and Alternative Recommendations of Post Keynesians Economics." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01107.

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The Washington Consensus was accepted as common wisdom on policies for development and growth. The set of policies of the Washington Consensus was applied to structural crisis in Latin America and developing economies. Williamson identified 10 policy instruments whose proper deployment Washington could muster a reasonable degree of consensus. Williamson summarizes the content of the Washington Consensus as macroeconomic prudence, outward orientation, domestic liberalization, and free market policies consistent with neoclassical mainstream economic theory. The policy set was modified to the point that Williamson substituted the original name with a new label “Post Washington Consensus. The “Post Washington Consensus” designated a “new set of policy reforms” for Latin America and Developing Countries. The aim of this paper is to compare the two sets of controversial policies, the “Washington Consensus” and “Post Washington Consensus” and offer an alternative based on the Post Keynesian framework. The goal of Post Keynesian framework is the promotion of sensible prudent economic and social development that is equitable, stable and sustainable. The main purpose of the Post Keynesian policy framework proposed in this paper is to go beyond the Post Washington Consensus by emphasizing the importance of a possible new direction for economic policy for developing countries.
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Hiç, Özlen. "Keynesian System, Keynesian Policies and an Evaluation of What Keynes Might Have Advised Today." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01178.

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We have surveyed in this article the development of the Keynesian macroeconomic system since 1936 up to the present. Our approach was, however, analytical rather than historical and descriptive. Keynesian System, hence Neo-Keynesians and modern Keynesian schools, such as New Keynesian Economics and Post-Keynesian Economics visualize that, if left by itself, the economy will give unemployment due to insufficiency of aggregate demand. In the article, the Keynesian policies are analysed with respect to their efficiency. Keynesian System was developed and modified in the face of criticisms by its opponents. We emphasize in our article that the Keynesian System was mainstream most of the time both in academic circles and in implementation. Presently again, basically Keynesian System has the upper hand, mostly New Keynesian Economics and also to some extent, Post-Keynesian Economics.The last section of the article covers an evaluation of what Keynes might have said for today’s economic problems.
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Karaköy, Çağatay, Selahattin Sarı, Ziya Çağlar Yurttançıkmaz, and Erol Cengiz. "The Effect of Public Expenditures on International Trade: Central Asian." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02054.

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As an inevitable consequence of globalization in the new world order, economies have become dependent on each other. Country economies are in a position to support international trade in order to finance their problems in the domestic market. In this context, it is known that central Asian countries are trying to increase their production by importing. In addition, central Asian countries have been striving to increase international trade through public spending during the transition period. The studies in the literature have been carried out by considering public expenditures and growth relations. The subject is important in the context of Keynesians' view. The desire of transforming income by natural sources into public investments makes the economies worth to investigate. In this study, central Asian countries Kyrgyzstan, Kazakhstan, Uzbekistan, Tajikistan, Turkmenistan as well as Azerbaijan will participate and the effects of public consumption expenditures on export and import will be analyzed through Granger Causality Tests and the results will be evaluated within the scope of the literature.
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Reports on the topic "New Keynesian theory"

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Paternesi Meloni, Walter, Davide Romaniello, and Antonella Stirati. On the Non-Inflationary effects of Long-Term Unemployment Reductions. Institute for New Economic Thinking Working Paper Series, April 2021. http://dx.doi.org/10.36687/inetwp156.

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The paper critically examines the New Keynesian explanation of hysteresis based on the role of long-term unemployment. We first examine its analytical foundations, according to which rehiring long-term unemployed individuals would not be possible without accelerating inflation. Then we empirically assess its validity along two lines of inquiry. First, we investigate the reversibility of long-term unemployment. Then we focus on episodes of sustained long-term unemployment reductions to check for inflationary effects. Specifically, in a panel of 25 OECD countries (from 1983 to 2016), we verify by means of local projections whether they are associated with inflationary pressures in a subsequent five-year window. Two main results emerge: i) the evolution of the long-term unemployment rate is almost completely synchronous with the dynamics of the total unemployment rate, both during downswings and upswings; ii) we do not find indications of accelerating or persistently higher inflation during and after episodes of strong declines in the long-term unemployment rate, even when they occur in country-years in which the actual unemployment rate was estimated to be below a conventionally estimated Non-Accelerating Inflation Rate of Unemployment (NAIRU). Our results call into question the role of long-term unemployment in causing hysteresis and provide support to policy implications that are at variance with the conventional wisdom that regards the NAIRU as an inflationary barrier.
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