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New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative

Author

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  • Angel Asensio

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

Abstract

The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles ofgovernance which include monetary, budgetary and fiscal instruments, and suggest newdirections for the positive and normative analysis of macro-policies.

Suggested Citation

  • Angel Asensio, 2006. "New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative," Post-Print halshs-00139113, HAL.
    • Handle: RePEc:hal:journl:halshs-00139113
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00139113
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    File URL: https://shs.hal.science/halshs-00139113/document
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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.

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