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Only Paul Could Go To Changchun

The State of New Keynesian Economics: A Partial Assessment

8/12/2018

 
Here.

The present paper takes stock of the state of New Keynesian economics by reviewing some of its main insights and by providing an overview of some recent developments. In particular, I discuss some recent work on two very active research programs: the implications of the zero lower bound on nominal interest rates and the interaction of monetary policy and household heterogeneity. Finally, I discuss what I view as some of the main shortcomings of the New Keynesian model and possible areas for future research.

From:

Jordi Galí
Journal of Economic Perspectives


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