9798900 Chapter 14 New classical Theories 复且学经济学院
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Introduction to new classical Theories R. lucas Supply Function Rational Expectations and R.lucas Criterion Policy Implications Comparisons between New Classical and Keynesian Theories 复且学经济学院
Introduction to New Classical Theories v R.lucas Supply Function v Rational Expectations and R.lucas Criterion v Policy Implications v Comparisons between New Classical and Keynesian Theories
14.1 R.lucas Supply Function Origin of New Classical Theories o Since 1980s, Keynesianism has been animadvert by neoclassicism macroeconomIcS OTwo leaders of neoc lassicism macroeconomics are rboert lucas Chicago university) and T.J. Saygent( Minnesota university, whose books named rational expectations and econometrics practice include radical contribute to new classical macroeconomics ONew classical macroeconomics began with R. lucas magnum opus Expectations and the Neutrality of Money", the paper “ Understanding business cycles”in1977. 复且学经济学院
14.1 R.lucas Supply Function vOrigin of New Classical Theories ¤Since 1980s, Keynesianism has been animadvert by neoclassicism macroeconomics ¤Two leaders of neoclassicism macroeconomics are Rboert Lucas (Chicago university) and T·J·Saygent( Minnesota university,whose books named “rational expectations and econometrics practice” include radical contribute to new classical macroeconomics. ¤New classical macroeconomics began with R.lucas’ magnum opus “Expectations and the Neutrality of Money” , the paper “Understanding business cycles” in 1977
14.1 R.lucas Supply Function Market foundation of New Classical theories O New classicism macroeconomics explains supply behaviors from the viewpoint of perfect information cost, and draw the conclusions about unemployment and flation from changes of microcosmic corporations O New classicism macroeconomics is based on Walras equilibrium with the character of market clearing, and emphasize drawing macroeconomics conclusions from the point that microcosmic behaviors pursue maximum of the object functions o New classicism macroeconomics inherit traditions of neoclassicism. and after reviewing the monetary theories and policies in the same way of thinking over problems, it conquered drawbacks that monetarism can not explain recession and employment effectively, so that it has set up a set of macroeconomics theory totally different from Keynesianism 复且学经济学院
14.1 R.lucas Supply Function vMarket foundation of New Classical Theories ¤New classicism macroeconomics explains supply behaviors from the viewpoint of perfect information cost, and draw the conclusions about unemployment and inflation from changes of microcosmic corporations ¤New classicism macroeconomics is based on Walras equilibrium with the character of market clearing, and emphasize drawing macroeconomics conclusions from the point that microcosmic behaviors pursue maximum of the object functions. ¤New classicism macroeconomics inherit traditions of neoclassicism, and after reviewing the monetary theories and policies in the same way of thinking over problems, it conquered drawbacks that monetarism can not explain recession and employment effectively, so that it has set up a set of macroeconomics theory totally different from Keynesianism
14.1 R.lubcas Supply Function Market foundation of New Classical Theory O New Classical Theory do not only explain reasons of unemployment and recession and the drawbacks of these scenes, so that is has set up a set of macroeconomics theory completely different from Keynesianism ONew Classical Theory emphasized the importance"information"in economical activities. which has the same belief as monetarism who believe market itself has power to ensure stable economical operations, on the other hand, it believes that basic economic unit can predict the future economic environment with all possible information, and then they make decisions. This so called"rational prediction Characters of New Classical Theory is pay attention to microeconomic foundation of theoretical models so their theoretical models all accord with basic conceptions of classical economics such as"market clearing" and Walras's Law' 复济院
14.1 R.lubcas Supply Function vMarket foundation of New Classical Theory ¤New Classical Theory do not only explain reasons of unemployment and recession and the drawbacks of these scenes, so that is has set up a set of macroeconomics theory completely different from Keynesianism. ¤New Classical Theory emphasized the importance “information” in economical activities, which has the same belief as monetarism who believe market itself has power to ensure stable economical operations, on the other hand, it believes that basic economic unit can predict the future economic environment with all possible information, and then they make decisions. This so called” rational prediction”. Characters of New Classical Theory is pay attention to microeconomic foundation of theoretical models, so their theoretical models all accord with basic conceptions of classical economics such as “market clearing” and “Walras’s Law