Critical notes on new-Keynesian macroeconomics

Vol. 29 No. 2 (2009)

Apr-Jun / 2009
Published April 1, 2009
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Gontijo, Claudio. 2009. “Critical Notes on New-Keynesian Macroeconomics”. Brazilian Journal of Political Economy 29 (2):285-301. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/481.

Critical notes on new-Keynesian macroeconomics

Claudio Gontijo
Faculdade de Estudos Administrativos de Minas Gerais – FEAD
Brazilian Journal of Political Economy, Vol. 29 No. 2 (2009), Apr-Jun / 2009, Pages 285-301

Abstract

This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from “ad hoc” hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent.

JEL classification: E12.


Keywords: macroeconomia teoria novo-keynesiana não-neutralidade da moeda rigidez de preço e salário rigidez nominal e real curvas IS e LM curva de Philips novo-keynesiana Regra de Taylor