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New-consensus macroeconomic governance in a keynesian world, and the keynesian alternative

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  • Angel Asensio

Abstract

The paper presents both the New Consensus and Keynesian equilibrium within the usual four competitive macro-markets structure. It gives theoretical explanations of the pernicious effects that the NCM governance, which has been designed for ergodic stationary regimes, brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles of governance which include monetary, budgetary and fiscal instruments, and suggest new directions for the positive and normative analysis of macro-policies. JEL Classification: E10, 12, 13, 60, 61, 62, 63.

Suggested Citation

  • Angel Asensio, 2006. "New-consensus macroeconomic governance in a keynesian world, and the keynesian alternative," Brazilian Journal of Political Economy, Center of Political Economy, vol. 26(4), pages 537-551.
    • Handle: RePEc:ekm:repojs:v:26:y:2006:i:4:p:537-551:id:614
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/614/612
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    Citations

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    Cited by:

    1. Angel Asensio, 2006. "Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union," Post-Print halshs-00120406, HAL.
    2. Angel Asensio, 2008. "(Post) Keynesian alternative to inflation targeting," Post-Print halshs-00335560, HAL.
    3. Angel Asensio, 2008. "The growing evidence of Keynes's methodology advantage and its consequences within the four macro-markets framework," Post-Print halshs-00189221, HAL.

    More about this item

    Keywords

    fiscal policy; Macroeconomic governance; monetary policy; post- Keynesian;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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