Chapter 16 The New Keynesian Macroeconomic Theory 友学经济学院
Chapter 16 The New Keynesian Macroeconomic Theory 0 10 20 30 40 90 91 92 93 94 95 96 97 98 99 00
Main dea .o Nominal Rigidity o nominal price rigidity o nominal wage rigidity Real rigidity ⊙ Real price rigidity ⊙ Real wage rigidity Unemployment, Economic Cycle and Policy Suggestion 友学经济学院
Main Idea ❖ Nominal Rigidity nominal price rigidity nominal wage rigidity ❖ Real Rigidity Real price rigidity Real wage rigidity ❖ Unemployment、Economic Cycle and Policy Suggestion
16.1 Nominal Rigidity o The origin of new Keynesian macroeconomic theory o Parkin first puts forward"new Keynesian theoryin 1984 ⊙ the economists include Mankiw、 Blanchard、 Fischer、Davd: Romer。 Because all these economists live near the coast, people often call them“sea” economists。 友学经济学院
16.1 Nominal Rigidity ❖ The origin of new Keynesian macroeconomic theory Parkin first puts forward “new Keynesian theory” in 1984 。 the economists include Mankiw、Blanchard、 Fischer、David ·Romer 。Because all these economists live near the coast ，people often call them “sea” economists
16.1 Nominal Rigidity o The character of new Keynesian theory O Accept the rational expectation"assumption of neoclassicism build models which include wage and price rigidity O To use all kinds of real economic faultiness( for example incomplete competition incomplete market, asymmetric information) to explain economic fluctuation o Because of price rigidity, money isn't neutral 友学经济学院
16.1 Nominal Rigidity ❖ The character of new Keynesian theory： Accept the “rational expectation” assumption of neoclassicism ， build models which include wage and price rigidity。 To use all kinds of real economic faultiness（for example ， incomplete competition、 incomplete market、 asymmetric information）to explain economic fluctuation。 Because of price rigidity ，money isn’t neutral
16.1 Nominal Rigidity nominal rigidity OThe level of nominal price or nominal wage can not be fully adjusted nominal price rigidity nominal wage rigidity 友学经济学院
16.1 Nominal Rigidity ❖nominal rigidity ： The level of nominal price or nominal wage can not be fully adjusted。 ❖ nominal price rigidity ❖ nominal wage rigidity