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Estimation of the specific features of the New Keynesian Doctrine, compared to other schools in modern macroeconomics

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Abstract

Based on the analysis from the position of the New Keynesian approach of the critical literature and the publications of the New Keynesians, the principal distinctions are defined between their conceptions in the field of the macroeconomic theory and those of the „Old“ Keynesians, Neo- and mainly New Classic economists, whose concept along with that of the New Keynesians is an integral part of the modern mainstream economics. The analysed distinctions are classified in three main lines – in methodological, conceptual and practical aspects. Summary and estimation of the critical notes of the New Keynesians in reference to the cardinal for the New Classic economists theories for the rational expectations and the real business cycle are completed. As a result of the accomplished comparative analysis some common conclusions and estimations for the added value of the New Keynesian doctrine to the development of the macroeconomics are suggested.

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  • Alla Kirova, 2010. "Estimation of the specific features of the New Keynesian Doctrine, compared to other schools in modern macroeconomics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 28-45.
    • Handle: RePEc:bas:econth:y:2010:i:1:p:28-45
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    1. Zarnowitz, Victor, 1985. "Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 523-580, June.
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    6. Mankiw, N. Gregory, 1992. "The reincarnation of Keynesian economics," European Economic Review, Elsevier, vol. 36(2-3), pages 559-565, April.
    7. Victor Zarnowitz, 1984. "Recent Work on Business Cycles in Historical Perspective: Review of Theories and Evidence," NBER Working Papers 1503, National Bureau of Economic Research, Inc.
    8. Olivier Blanchard, 2000. "What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1375-1409.
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    Cited by:

    1. Vasil Todorov, 2017. "Modern Political Economy in Bulgaria: Identification Issues," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-29.
    2. Tatyana Houbenova-Delissivkova, 2014. "Acknowledgement for the 80th anniversary and the scientific activity of Prof. Atanas Leonidov, Dr. Ec. Scs," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 152-159.
    3. Atanas Leonidov, 2010. "Keynes and Keynesians," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-22.

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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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