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| Author: | Lindbeck, A. |
| Title: | New Keynesianism and aggregate economic activity |
| Journal: | Economic Journal
1998 : JAN, VOL. 108:446, p. 167-180 |
| Index terms: | KEYNESIAN SCHOOL ECONOMIC ANALYSIS MARKET ECONOMY UNEMPLOYMENT MACROECONOMIC MODELS DEMAND |
| Language: | eng |
| Abstract: | This paper addresses new Keynesianism and aggregate economic activity by evaluating the attempts by new Keynesians in the 1980s and 1990s to reinforce the analytical framework, in particular the microfoundations of what can be seen as the core messages of traditional Keynesianism - that market economies can get stuck in unemployment equilibria for prolonged periods and that aggregate demand shocks can be important drivers of macroeconomic fluctuations. The author concludes that the research efforts of new Keynesians have added much to our understanding of the workings of the macroeconomy. |
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