文档介绍：Chapter 16
The New Keynesian Macroeconomic Theory
0
10
20
30
40
90
91
92
93
94
95
96
97
98
99
00
Main Idea
Nominal Rigidity
nominal price rigidity
nominal wage rigidity
Real Rigidity
Real price rigidity
Real wage rigidity
Unemployment、Economic Cycle and Policy Suggestion
Nominal Rigidity
The origin of new Keynesian macroeconomic theory
Parkin first puts forward “new Keynesian theory” in 1984 。
the economists include Mankiw、Blanchard、Fischer、David · Romer 。Because all these economists live near the coast ,people often call them “sea” economists。
Nominal Rigidity
The character of new Keynesian theory:
Accept the “rational expectation” assumption of neoclassicism ,build models which include wage and price rigidity。
To use all kinds of real economic faultiness(for example ,petition、 plete market、 asymmetric information)to explain economic fluctuation。
Because of price rigidity ,money isn’t neutral。
Nominal Rigidity
nominal rigidity :
The level of nominal price or nominal wage can not be fully adjusted。
nominal price rigidity
nominal wage rigidity
Nominal Rigidity
nominal price rigidity
Market includes fixed price market and flexible price market. Fixed price market includes labor market modity market;and flexible price market includes finance market and modity market .Because there is no auctioneer in labor market,to frequently change wage will raise the cost of trade. So it is not the best choice for a rational person, and the exist of long term contract proves its advantage。
Nominal Rigidity
P
P0
P1
Y1
Y
O
Yn
SAS(W0)
LAS
SAS(W1)
AD1
AD0
A
B
C
Nominal Rigidity
Nominal Price Rigidity
disadvantage:
The theory deduces a conclusion that real wage is reverse to the economic prosperity ,but this conclusion doesn’t match with the real world。
Nominal Rigidity
Nominal Price Rigidity
Menu cost
Mankiw first puts forward this idea。
The menu cost results in the obstacle for price adjustment
It includ