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Towards a New Synthesis: New Consensus Macroeconomics

In: Critique of the New Consensus Macroeconomics and Implications for India

Author

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

By the beginning of the 1980s, the triumph of the new classical and real business cycle schools was more or less complete. However led by a group of prominent economists (Akerlof, Blanchard, Stiglitz, Greenwald, Romer, Yellen, etc.) in the mid-1980s, Keynesianism made a strong revival under the new banner of neo- (or new)-Keynesianism. The neo-Keynesians tried to resurrect Keynesianism by placing it on sound micro-foundations. However, the movement seemed to lack a unifying monolithic structure. The task of integrating these different dimensions into a coherent whole was left to be accomplished by the so-called New Consensus Macroeconomics (NCM) that emerged a few years later. This chapter analyses the various aspects of neo-Keynesianism and the NCM in some detail.

Suggested Citation

  • Dilip M. Nachane, 2018. "Towards a New Synthesis: New Consensus Macroeconomics," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 83-108, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_4
    DOI: 10.1007/978-81-322-3920-8_4
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