Discuss and defend your thought about the theories of New Classical versus New Keynesian response relating...
Discuss and defend your thought about the theories of New Classical versus New Keynesian response relating to macroeconomics.
Homework Answers
NEW CLASSICAL.
The new classical microeconomics argues that business cycle occur in a typical market clearing framework in response to real shocks,which include inter alia, technology shock and fiscal shock.Moreover the new classical microeconomics argues that anticipated real monetary shock has no real effect on real variable.We also note that wages and price are perfectly flexible,which ensures two classical results,viz automatic full employment and long term neutrality of money.
NEW KEYNESIAN.
Keynesian micro economic models are primarily ad hoc in sense that they are not based on economic agents,'optimisation programe'.In other words the orthodox keynesian economics does not have explicit micro foundation.Moreover rigidity in nominal variables including wage and price is merely assumed without any rigorous analytical foundation.This is precisely the challenge that new keynesian micro economists respond to by offering specific micro -details of incomplete nominal adjustment.
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Discuss and defend your thought about the theories of New
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