Ploeg, Frederick Van der - CESifo - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we … assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is … paid to Keynesian features omitted in New Keynesian workhorses such as the micro-founded Keynesian multiplier and the New …