New-consensus macroeconomic governance in a Keynesian world, and the Keynesian alternative
By: ASENSIO, Angel
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Material type: 
ArticlePublisher: São Paulo : Editora 34, out./dez. 2006Online resources: Acesso Revista de Economia Política = Brazilian Journal of Political Economy 26, 4, p. 537-551Abstract: The paper presents both the New Consensus and Keynesian equilibrium within the usual four competitive macro-markets structure. It gives theoretical explanations of the pernicious effects that the NCM governance, which has been designed for ergodic stationary regimes, brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles of governance which include monetary, budgetary and fiscal instruments, and suggest new directions for the positive and normative analysis of macro-policies
The paper presents both the New Consensus and Keynesian equilibrium within the usual four competitive macro-markets structure. It gives theoretical explanations of the pernicious effects that the NCM governance, which has been designed for ergodic stationary regimes, brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles of governance which include monetary, budgetary and fiscal instruments, and suggest new directions for the positive and normative analysis of macro-policies
Outubro Dezembro 2006
v. 26 n. 4 (104)
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