August 30, 2015

Note on Old-Post-New Keynesian models


The conclusion “‘New Keynesian’ models are not too simple. They are just wrong” is beyond reasonable doubt, but this applies also to the ‘Old Keynesian’ models. See ‘Why Post Keynesianism is not yet a science’ and ‘Mr. Keynes, Prof. Krugman, IS-LM, and the end of economics as we know it.’

For the summary on Wren-Lewis's DSGE models see ‘Much change, no progress.’