| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4935 |
| DP4935 Do Risk Premia Protect from Banking Crises? | |
| Hans Gersbach; Jan Wenzelburger | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian workhorses such as the micro-founded Keynesian multiplier and the New Keynesian Phillips curve. These theories capture wage and price sluggishness and aggregate demand externalities by departing from a competitive framework and give a key role to expectations. The main deficiencies, however, are the inability to predict a pro-cyclical real wage in the face of demand shocks, the absence of inventories, credit constraints and bankruptcies in explaining the business cycle, and no effect of the nominal as well as the real interest rate on aggregate demand. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based on the New Keynesian Phillips curve has quite a way to go before the quintessential Keynesian features are captured. |
| 主题 | International Macroeconomics |
| 关键词 | Keynesian economics New keynesian phillips curve Monopolistic competition Nominal wage rigidity Welfare Pro-cyclical real wage Inventories Liquidity Bankruptcy Unemployment |
| URL | https://cepr.org/publications/dp4935 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533836 |
| 推荐引用方式 GB/T 7714 | Hans Gersbach,Jan Wenzelburger. DP4935 Do Risk Premia Protect from Banking Crises?. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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