Economics and Business Review

Abstract: The New Keynesianism arose in the mid -1970s and was determined by a variety of the post-war Keynesian research fields, profound changes in economic environment and growing supremacy of the neo-liberal stream in the theory and policy. Far-reaching differentiation of the New Keynesian scientific program made many modern Keynesian models very similar to the typical neoclassical structure. However, such theories as the search in the labour market or the New Keynesian Phillips Curve integrating many different elements typical of the rival schools do not seem to announce a consensus providing a better understanding of the contemporary economic systems. (original abstract)