Еconomic Theory and the New-Keynesian School

10 Pages Posted: 30 Jan 2014

See all articles by Dushko Josheski

Dushko Josheski

University Goce Delcev

Marija Sopova

University Goce Delcev

Date Written: January 30, 2014

Abstract

In this paper it is described the school of neo-Keynesians (Akerlof and Stiglitz are in the group of "Hard" New-Keynesians, that don’t accept New neo-classical synthesis, i.e. Dynamic Stochastic General equilibrium models-DSGE), that as a basic source of instability in the economies view the demand аnd supply side shocks, short run is important for them, wages and prices are rigid, expectations of the economic agents are rational, but also historical data are of great importance, and they introduced microeconomic foundations for their macroeconomic models.

Keywords: New-Keynesians, nominal rigidities, microeconomic foundations

JEL Classification: E00, E12

Suggested Citation

Josheski, Dushko and Sopova, Marija, Еconomic Theory and the New-Keynesian School (January 30, 2014). Available at SSRN: https://ssrn.com/abstract=2388061 or http://dx.doi.org/10.2139/ssrn.2388061

Dushko Josheski (Contact Author)

University Goce Delcev ( email )

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HOME PAGE: http://www.ugd.edu.mk/

Marija Sopova

University Goce Delcev ( email )

Stip
Macedonia

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