The paper considers two rival models referring to the new macroeconomic consensus: a standard three-equations model of the New-Keynesian variety and dynamic adjustments of a business and an inflation climate in an `Old-Keynesian' tradition. Over the two subperiods of the Great Inflation and...

Monetary Macjrodynamics Toichiro Asada, Carl Chiarella, Peter Flaschel and Reiner Franke with contributions by Amitava Dutt/Peter Skott and Christian Proano O Routledge j j j ^ Taylor & Francis Croup LONDON AND NEW YORK Contents General introduction ...