Leijonhufvud on New Keynesian Economics and the economics of Keynes

2020 ◽  
Vol 72 (4) ◽  
pp. 923-945 ◽  
Author(s):  
Hans-Michael Trautwein
Keyword(s):  
Financial Crises ◽  
Financial Frictions ◽  
New Keynesian ◽  
Nominal Rigidities ◽  
Continuity And Change ◽  
Keynesian Economics ◽  
Macroeconomic Instability ◽  
Made In

Abstract The theme that Axel Leijonhufvud has extracted from the economics of Keynes is the potential for failures in the intertemporal coordination of activities in complex market systems. In his path-breaking book of 1968, he attacked standard Keynesian Economics for its view on frictions, which reduces the causes of macroeconomic pathologies to nominal rigidities. With the rise of DSGE-based New Keynesian Economics, Leijonhufvud has pointed out that ‘standard macroeconomics’ is still stuck in the frictions view. Referring to recent financial crises, he considers DSGE modelling to be hopelessly inadequate for dealing with such macroeconomic instability. Yet, the financial frictions literature in New Keynesian Economics claims to have found ways to incorporate financial crises into DSGE frameworks. The article describes continuity and change in Leijonhufvud’s critique of Old and New Keynesians, and assesses contrary claims to progress made in the DSGE world.

IDEOLOGIES AND AGENDAS IN LATE ANTIQUE STUDIES

2003 ◽  
Vol 1 (1) ◽  
pp. 1-21 ◽  
Author(s):  
Averil Cameron
Keyword(s):  
Economic History ◽  
Late Antiquity ◽  
Recent Article ◽  
Present Form ◽  
Late Antique ◽  
Continuity And Change ◽  
Made In

This paper sets a framework by discussing the trends and approaches observable in the study of Late Antiquity over the last few decades. It takes up the points made in a recent article by A. Giardina and considers the models of continuity and change adopted in several recent collective publications. It questions whether the current enthusiasm for the ‘long Late Antiquity’, and the privileging of cultural over social and economic history are likely to continue in their present form. It draws attention to differences of emphasis between historians and archaeologists, and between analyses of the Eastern and Western parts of the empire, and stresses the complementarity of historical and archaeological approaches.

New-Keynesian economics today

1997 ◽  
Author(s):  
Brian Snowdon ◽  
Howard Vane
Keyword(s):  
New Keynesian ◽  
Keynesian Economics

scholarly journals The State of New Keynesian Economics: A Partial Assessment

2018 ◽  
Vol 32 (3) ◽  
pp. 87-112 ◽  
Author(s):  
Jordi Galí
Keyword(s):  
Interest Rates ◽  
Global Financial Crisis ◽  
Academic Research ◽  
The State ◽  
New Keynesian ◽  
Future Research ◽  
New Keynesian Model ◽  
Keynesian Economics ◽  
Keynesian Model ◽  
Dynamic Stochastic

In August 2007, when the first signs emerged of what would come to be the most damaging global financial crisis since the Great Depression, the New Keynesian paradigm was dominant in macroeconomics. Ten years later, tons of ammunition has been fired against modern macroeconomics in general, and against dynamic stochastic general equilibrium models that build on the New Keynesian framework in particular. Those criticisms notwithstanding, the New Keynesian model arguably remains the dominant framework in the classroom, in academic research, and in policy modeling. In fact, one can argue that over the past ten years the scope of New Keynesian economics has kept widening, by encompassing a growing number of phenomena that are analyzed using its basic framework, as well as by addressing some of the criticisms raised against it. The present paper takes stock of the state of New Keynesian economics by reviewing some of its main insights and by providing an overview of some recent developments. In particular, I discuss some recent work on two very active research programs: the implications of the zero lower bound on nominal interest rates and the interaction of monetary policy and household heterogeneity. Finally, I discuss what I view as some of the main shortcomings of the New Keynesian model and possible areas for future research.

The Middle Path of Moderation in Islam

2015 ◽  
Author(s):  
Mohammad Hashim Kamali ◽  
Tariq Ramadan
Keyword(s):  
Environmental Degradation ◽  
Financial Crises ◽  
Conceptual Analysis ◽  
Modern World ◽  
Continuity And Change ◽  
Personal Character ◽  
The World ◽  
Historical Profile ◽  
Moderating Role

This book is presented in two parts, consisting of a total of twenty-three chapters. Part One occupies seven chapters, which begin with a conceptual analysis of wasaṭiyyah, its meaning, definition, scope, and manifestations. This is followed by a review of the source evidence in the Qur’an and hadith, and then a round-up of modern opinion on wasaṭiyyah. The hallmarks of wasaṭiyyah and those of extremism, identification of wasaṭiyyah, its manifestations, and institutional developments on wasaṭiyyah are also discussed under Part One. Part Two looks into the various manifestations of wasaÏiyyah in the context, for instance, of religiosity, moderation and justice, environmental degradation, and financial crises the world has experienced in recent years. Other chapters that follow address subjects such as moderation in jihÉd, the moderating role of disagreement (ikhtilÉf), how wasaÏiyyah can be manifested with regard to women’s rights, the moderating influence of Sufism, wasaÏiyyah and globalization, and moderation in personal character and lifestyle. Two other chapters that appear toward the end bear the titles respectively of “Islam Between Antiquity and the Modern World” and “Reconciling the Concerns of Continuity and Change.” The former looks at Islam’s historical profile, how it played out its role of moderation in its relations with the outside world, whereas the latter looks into the ways Islam can moderate itself from within through the instrumentalities, for instance, of tajdid and islah (renewal and reform), respectively. In almost every chapter, the book explores Islamic principles and doctrines on a number of selected themes that seek to contextualize Islamic teachings with contemporary realities through the lenses of wasaṭiyyah. Part One thus focuses on a conceptual analysis of wasaṭiyyah and its understanding from a perusal of the Islamic text and doctrine, whereas Part Two presents a selected cluster of themes related to wasaṭiyyah and their application to contemporary issues.

scholarly journals The role of taxes as automatic destabilizers in New Keynesian economics

2003 ◽  
Vol 87 (5-6) ◽  
pp. 1123-1136 ◽  
Author(s):  
Henrik Jacobsen Kleven ◽  
Claus Thustrup Kreiner
Keyword(s):  
New Keynesian ◽  
Keynesian Economics

The New Keynesian Economics and the Output-Inflation Trade-Off

1988 ◽  
Vol 1988 (1) ◽  
pp. 1 ◽  
Author(s):  
Laurence Ball ◽  
N. Gregory Mankiw ◽  
David Romer ◽  
George A. Akerlof ◽  
Andrew Rose ◽  
...  
Keyword(s):  
New Keynesian ◽  
Trade Off ◽  
Keynesian Economics
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