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The New Keynesian Synthesis

Author(s) -

David Romer

Publication year - 1993

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.7.1.5

Subject(s) - economics , rigidity (electromagnetism) , keynesian economics , unemployment , new keynesian economics , post keynesian economics , neoclassical economics , macroeconomics , monetary policy , structural engineering , engineering

The new Keynesians made more rapid progress in understanding the microeconomics of unemployment than in understanding the microeconomics of nominal price rigidity. But the past five years have seen important breakthroughs in this second area. This paper will describe these breakthroughs, discuss our current understanding of nominal rigidity, and assess the work that remains to be done.

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