Looking for the Microfoundations : Nominal Rigidities and the New Keynesian Economics

• Autorzy: Izabela Bludnik , Jacek Wallusch
• Języki publikacji: EN

Abstrakty

EN

This paper presents a critical description of the most influential New-Keynesian models with nominal rigidities. The study aims to elucidate the concept of long-term contracts, small menu costs, and near-rationality. Since this approach avoids the formulation of market clearing price, the early New-Keynesian models are incomparable to those developed by New Classical Economy. Hence, the New Keynesian economics, contrary to the common interpretation, is unable to challenge its adversaries. (original abstract)

Słowa kluczowe

EN

Keynesian theory; Long-term contracts; Mankiw-Romer-Weil model; Microeconomic conditions

PL

Keynesizm; Kontrakty długoterminowe; Model Mankiwa-Romera-Weila; Uwarunkowania mikroekonomiczne

• Czasopismo: The Poznań University of Economics Review
• Rocznik: 2002
• Tom: 2
• Numer: nr 1
• Strony: 25--42

Twórcy

autor

Izabela Bludnik

• Poznań University of Economics, Poland

autor

Jacek Wallusch

• Poznań University of Economics, Poland

Bibliografia

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