The new Keynesian microfoundation of macroeconomics

Spahn, Heinz-Peter

The new Keynesian microfoundation of macroeconomics

dc.contributor.author	Spahn, Heinz-Peter	de
dc.date.accessioned	2024-04-08T08:42:52Z
dc.date.available	2024-04-08T08:42:52Z
dc.date.created	2009-09-18
dc.date.issued	2009
dc.description.abstract	New Keynesian Macroeconomics (NKM) obeys to the new dogma that macroeconomics should be firmly grounded in First Principles of micro theory. Households are assumed to run an intertemporal optimization calculus with respect to leisure and consumption by making use of perfect financial markets. The supply side is organized so that full employment prevails. Macroeconomic coordination problems between saving and investment are absent. In order to make model predictions more compatible with empirical facts, NKM chooses "ad hoc" microfoundations: utility functions and market structures are designed arbitrarily to allow for persistence of macro variables. NKM's reduced hybrid macro model, with lags and expectational leads, is a useful "work horse", compatible with various micro reasoning. However, NKM's insistence on the representative agent obstructs an understanding of heterogeneous beliefs and learning.	en
dc.identifier.swb	310914558
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5274
dc.identifier.urn	urn:nbn:de:bsz:100-opus-3855
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheimer Diskussionsbeiträge; 317
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	Representative agent	en
dc.subject	Ramsey saving	en
dc.subject	Calvo pricing	en
dc.subject	Sticky information	en
dc.subject	Rational expectations	en
dc.subject	Heterogeneous beliefs	en
dc.subject.ddc	330
dc.subject.gnd	Keynessche Theorie	de
dc.subject.gnd	Ramsey-Theorie	de
dc.title	The new Keynesian microfoundation of macroeconomics	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.export.bibtex	@techreport{Spahn2009, url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5274}, author = {Spahn, Heinz-Peter}, title = {The new Keynesian microfoundation of macroeconomics}, year = {2009}, school = {Universität Hohenheim}, series = {Hohenheimer Diskussionsbeiträge}, }
local.export.bibtexAuthor	Spahn, Heinz-Peter
local.export.bibtexKey	Spahn2009
local.export.bibtexType	@techreport
local.faculty.number	3	de
local.institute.number	520alt	de
local.opus.number	385
local.series.issueNumber	317
local.series.title	Hohenheimer Diskussionsbeiträge
local.university	Universität Hohenheim	de
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institut für Volkswirtschaftslehre (bis 2010)	de

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