Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 2 Number 1 pp. 25-42

Izabela Bludnik, Jacek Wallusch

Pozna&#
3

2

4
; University of Economics, Poland

Looking for the microfoundations : nominal rigidities and the New Keynesian economics

Abstract:

This paper presents a critical description of the most influential New-Keynesian models with nominal rigidities. The study aims to elucidate the concept of long-term contracts, small menu costs, and near-rationality. Since this approach avoids the formulation of market clearing price, the early New-Keynesian models are incomparable to those developed by New Classical Economy. Hence, the New Keynesian economics, contrary to the common interpretation, is unable to challenge its adversaries. (original abstract)

pub/2002_1_25.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume2/issue1/2002_1_25.pdf
Keywords: Keynesian theory, Long-term contracts, Mankiw-Romer-Weil model, Microeconomic conditions, Keynesizm, Kontrakty długoterminowe, Model Mankiwa-Romera-Weila, Uwarunkowania mikroekonomiczne

For citation:

MLA Bludnik, Izabela, and Jacek Wallusch. "Looking for the microfoundations : nominal rigidities and the New Keynesian economics." Economics and Business Review EBR 2.1 (): 25-42.
APA , (). Looking for the microfoundations : nominal rigidities and the New Keynesian economics. Economics and Business Review EBR 2(1), 25-42
ISO 690 BLUDNIK, Izabela, WALLUSCH, Jacek. Looking for the microfoundations : nominal rigidities and the New Keynesian economics. Economics and Business Review EBR, , 2.1: 25-42.