The New Keynesian Macroeconomics
Designed as a text for advanced undergraduate macroeconomic theory courses, this innovative textbook draws together the central ideas in what is referred to as the New Keynesian Macroeconomics and sets them in dialogue with the New Classical Macroeconomics.
The New Keynesian Macroeconomics includes discussion of the recent literature on multiple rational expectations equilibria, an assessment of the connection between equilibrium choice and institutional context, and game theoretic discussion of social interdependence particularly with respect to wage and price formation analysis of debates over both demand and supply side activism.
As the first textbook to develop the New Keynesian Macroeconomics, the book will be widely used on second and third year undergraduate courses on macroeconomics. It will also serve as a text for advanced undergraduate courses which integrate micro and macro by general equilibrium theory.
writes with clarity. . . . Overall this is an excellent introduction to the
subject and should be very useful as a basic reference on final-year
undergraduate courses in macroeconomic theory.
1. An Overview
Part I: The Background
2. The Neoclassical Synthesis and the Natural Rate Hypothesis
3. Trading at False Prices, Imperfect Competition and NAIRU
Part II: The New Classicals and The New Keynesians
4. The New Classical Macroeconomics
5. The New Keynesian Macroeconomics I: The Difficulties with Rational Expectations
6. The New Keynesian Macroeconomics II: Price Determination
7. The New Keynesian Macroeconomics III: Wage Determination References