New consensus macroeconomics: a critical appraisal

Arbeitspapier

This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems with this particular theoretical framework. We focus here on two important aspects closely related to NCM: the absence of banks and monetary aggregates from this theoretical framework, and the way the notion of the equilibrium real rate of interest” is utilized by the same framework. The analysis is critical of NCM from a Keynesian perspective.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 564

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: General ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian
• Subject: New consensus macroeconomics ; monetary policy ; banks ; monetary aggregates ; equilibrium real rate of interest

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Arestis, Philip
• Event: Veröffentlichung
• (who): Levy Economics Institute of Bard College
• (where): Annandale-on-Hudson, NY
• (when): 2009

Further information

• Handle: http://hdl.handle.net/10419/31493
• Last update: 10.03.2025, 11:43 AM CET