Novos Keynesianos: reação e método
DOI:
https://doi.org/10.11606/1980-53572324cmlKeywords:
economic theory, News Keynesians, methodAbstract
In the beginning of the 1980's a Keynesian reaction
against the New Classical hegemony took place. This
paper examines the motives for that reaction and the
characteristics of the method adopted by the New
Keynesians. The main objective of New Keynesianism is to provide microfoundations for Keynesian
macroeconomics. In order to do so, New Keynesians
adapted microeconomics to macroeconomics and not the other way around as the New Classical School. The perception that general equilibrium is a method and not a theory, allowed New Keynesians to reconcile microeconomics and macroeconomics and to determine that Walrasian general equilibrium is only a particular case of the broader concept of general equilibrium. In this way, general equilibrium models that departure from the competitive equilibrium is at the core of New Keynesian theory.
Downloads
References
AKERLOF, G. & YELLEN, J. A near-rational model of the business cycle, with wage and price inertia. In: MANKIW, G. & ROMER, D. (orgs.) New keyncsian economics, 2a ed., v. 1. Cambridge: MIT Press, 1985.
ALLINGHAM, M. Uniquiness of equilibrium. In: EATWELL, J. ct al,. The new palgrave: a dictionary ofeconomics: General Equilibrium. New York: Macmillan, 1989.
ARROW, K. Economic theory and the hypothesis of rationality. In: EATWELL, J. et al.. The new palgrave: a dictionary of economics: Utility and probability. New York: Macmillan, 1989.
AZARIADIS, C. The problem of multiple equilibrium. Unpublished paper. University of Pennsylvania, 1992.
BAILEY, M. Wages and employment under uncertain demand. Review ofEconomic and Statistics, v. 41, p. 37-50,1974.
BALL, L., MANKIW, G. & ROMER, D. 1988. The new keynesian economics and the output-inflation trade-off, In: MANKIW, G. & ROMER, D. (orgs.) New keynesian economics, 2a ed., v. 1. Cambridge: MIT Press, 1991.
BARRO, R. A theory of monopolistic pricing adjustment. Review of Economic Studies, v. 39, p. 17-26, 1972.
BLANGHARD, O. & KIYOTAKI, N. 1987. Monopolistic competition and the effects of aggregate demand. In: MANKIW, G. & ROMER, D. (orgs.) 1991.
New keynesian economics, 2a ed., v. 1, Cambridge: MIT Press, 1991.
BLAUG, M. The methodology ofeconomics. Cambridge: Cambridge University Press, 1980.
BULOW, J, GEANOKOPLOS, J. & KLEMPLERER, P. Multimarket oligopoly: strategic substitutes and complements. Journal of Political Economy, v. 93, p. 488-511, 1985.
CAPLIN, A. & SPULBER, D. 1987. Menu costs and the neutrality of money. In: MANKIW, G. & ROMER, D. (orgs.) New Keynesian Economics, v. 1.Cambridge: MIT Press, 1991.
CODINGTON, A. The rationale of general equilibrium. Economic Enquiry, v. 13, p. 539-58, 1975.
COOPER, R. & JOHN, A. Coordinating coordination failures in keynesian models. In: MANKIW, G. & ROMER, D. (orgs.) 1991. New keynesian economics, 2a ed., v. 2. Cambridge: MIT Press, 1988.
DEBREU, G. Economics with a finite set of equilibria. Econometrica, v. 40, p. 387-92, 1970.
DEBREU, G. Excess demand functions.ofMathematicalEconomics, v. 1, p. 15-21, 1974.
DIAMOND, P. Aggregate demand management in search equilibrium. Journal of Political Economy, v. 90, p. 881-94, 1982.
DURLAUF, S. Path dependence in aggregate output. NBER Working Paper 7)1 Xb, Cambridge: NBER, 1991.
GREENWALD, B. & STIGLITZ, J. Externalities in economies with imperfect information and incomplete markets. Quarterly Journal of Economics, p. 229-264, May 1986.
GREENWALD, B. Keynesian, new keynesian and new classical economics. Oxford Economic Papers, v. 39, p. 119-132, 1987.
GREENWALD, B. Examining alternative macroeconomic theories. Brookings Papers on EconomicActivity, v. 1, p. 207-261, 1988.
GREENWALD, B. Towards a reformulation of monetary theory: competitive banking. NBER WorkingPaper4 17, Gambrige: NBER, 1992.
HALL, R. The rigidity of wages and the persistence of unemployment. Brookings Papers on EconomicActivity, v. 2, p. 301-335,1975.
HART. O. 1982. A model of imperfect competition with keynesian features. ln MANKIW, G. & ROMER, D. (orgs.) New keynesian economics, 2a ed., v. 1. Cambridge.: MIT Press, 1991.
HICKS, J. Methods of dynamic economics. Oxford: Clarendon Press, 1985.
JANSSEN, M. What is this thing called microfoundations. History of Political Economy, v. 23, p. 687-712, 1991.
KEYNES, J. M. The general theory of employment, money and interest. London: Macmillan, 1936.
KIRMAN, A. Whom or what does the representative individual represent. Journal of Economic Perspectives, v. 6, p. 117-136, 1992.
LEIJONHFVUD, A. Schools, 'revolutions', and research programmes in economic theory. In: LATSIS, S. (ed.) Method and appraisal in economics. Cambridge: Cambridge University Press, 1976.
LUCAS, R. Studies in business-cycle theory. Cambridge: MIT Press, 1981.
MANKIW, G. 1985. Small menu costs and large business cycles: a macroeconomic model of monopoly. In: MANKIW, G. & ROMER, D. (orgs.) New keynesian economics, 2* ed., v. 1. Cambridge: MIT Press, 1991.
ROMER, D. 1988, Imperfect competition and the keynesian cross. In: MANKIW. G. & ROMER, D. (orgs.) New keynesian economics, 2a ed., v. 1. Cambridge: MIT Press, 1991.
ROMER, D. Real business cycles: a new keynesian perspective. Journal of Economic Perspective, v. 3, p. 79-90, 1989.
MANKIW, G., ROTEMBERG, J. & SUMMERS, L. Intertemporal substitution in macroeconomics. Quarterly Journal of Economics, v. 100, p. 225-51, 1985.
NEARY, P. & STIGL1TZ, J. Expectations, asset accumulation and the real-balance effect. Dublin Meeting of the Econometric Society, 1982 (mimco).
ROTEMBERG, J. The new keynesian microfoundations. //?: BLANGHARD, O. & FISHER, S. (orgs.) NBER Macroeconomic Annual 1987, Cambridge: MIT Press, 1987.
SHESHINSKI, E. & WEISS. Y. Inflation and costs of price adjustments. Review of Economic Studies, v. 44, p. 287-303, 1977.
SHESHINSKI, E. Optimum pricing policy under stochastic inflation. Review of Economic Studies, v. 50, p. 513-29, 1983.
STIGLITZ, J. Alternative approaches to macroeconomics: methodological* issues and the new keynesians. Stanford University, 1991 (mimeo).
WEINTRAUB, E. Microfoundations - the compatibility of microeconomics and macroeconomics, Cambridge: Cambridge University Press, 1979.
WEINTRAUB, E. General equilibrium theory: studies in appraisal, Cambridge: Cambridge University Press, 1985.
WOODFORD, M. 1990. Self-fulfilling expectations and fluctuations in aggregate demand. In: MANKIW, G. & ROMER, D. (orgs.) New keynesian economics, 2a ed., v. 2. Cambridge: MIT Press, 1991.
Downloads
Published
Issue
Section
License
Copyright (c) 1993 Carlos Magno Lopes

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
By submitting an article, the author authorizes its publication and attests that it has not been submitted to any other journal. The original article is considered final. Articles selected for publication are proofread for grammatical and orthographic errors. The journal does not pay rights for published articles. The Institute of Economic Research from the School of Economics, Business and Accounting of the University of São Paulo (Instituto de Pesquisas Econômicas da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo) owns the journal's copyright.
Atualizado em 14/08/2025