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New-Keynesian Economics Today: The Empire Strikes Back

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  • Brian Snowdon
  • Howard Vane

Abstract

“… there is no single doctrine taken to be a scientific truth without the diametrically opposed view being similarly upheld by authors of high repute … in other fields of science these conflicts usually come to an end … It is only in the field of economics that the state of war seems to persist and remain permanent.†1

Suggested Citation

  • Brian Snowdon & Howard Vane, 1995. "New-Keynesian Economics Today: The Empire Strikes Back," The American Economist, Sage Publications, vol. 39(1), pages 48-65, March.
    • Handle: RePEc:sae:amerec:v:39:y:1995:i:1:p:48-65
    DOI: 10.1177/056943459503900107
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    References listed on IDEAS

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    1. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters, in: Monetary Policy, pages 155-193, National Bureau of Economic Research, Inc.
    2. Edmund S. Phelps (ed.), 1991. "Recent Developments In Macroeconomics," Books, Edward Elgar Publishing, volume 0, number 582.
    3. N. Gregory Mankiw, 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(2), pages 529-538.
    4. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    5. Brian Snowdon & Howard R. Vane & Peter Wynarczyk, 1994. "A Modern Guide To Macroeconomics," Books, Edward Elgar Publishing, number 450.
    6. George A. Akerlof & Janet L. Yellen, 1985. "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(Supplemen), pages 823-838.
    7. Laing, Derek, 1993. "A Signalling Theory of Nominal Wage Inflexibility," Economic Journal, Royal Economic Society, vol. 103(421), pages 1493-1510, November.
    8. Mankiw, N Gregory & Miron, Jeffrey A & Weil, David N, 1987. "The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve," American Economic Review, American Economic Association, vol. 77(3), pages 358-374, June.
    9. Tobin, James, 1977. "How Dead Is Keynes?," Economic Inquiry, Western Economic Association International, vol. 15(4), pages 459-468, October.
    10. Blinder, Alan S, 1991. "Why Are Prices Sticky? Preliminary Results from an Interview Study," American Economic Review, American Economic Association, vol. 81(2), pages 89-96, May.
    11. Robert J. Barro, 1989. "New Classicals and Keynesians, or the Good Guys and the Bad Guys," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 125(III), pages 263-273, September.
    12. David Romer, 1988. "What Are the Costs of Excessive Deficits?," NBER Chapters, in: NBER Macroeconomics Annual 1988, Volume 3, pages 63-110, National Bureau of Economic Research, Inc.
    13. Kevin D. Hoover (ed.), 1992. "The New Classical Macroeconomics," Books, Edward Elgar Publishing, volume 0, number 558.
    14. Robert G. King, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter.
    15. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
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    Cited by:

    1. De Vroey Michel & Duarte Pedro Garcia, 2013. "In search of lost time: the neoclassical synthesis," The B.E. Journal of Macroeconomics, De Gruyter, vol. 13(1), pages 965-995, January.
    2. Pedro Garcia Duarte & Gilberto Tadeu Lima, 2012. "Microfoundations Reconsidered," Books, Edward Elgar Publishing, number 14869.
    3. Thomas Mayer, "undated". "What Remains Of The Monetarist Counter-Revolution?," Department of Economics 96-04, California Davis - Department of Economics.
    4. Pedro Garcia Duarte, 2012. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Chapters, in: Microfoundations Reconsidered, chapter 6, Edward Elgar Publishing.

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