Article
Comments on "Integrated Keynesian disequilibrium dynamics"
Journal of Macroeconomics
(2006)
Abstract
This comment on Asada et al.’s paper discusses the contrast between ‘integrated Keynesian disequilibrium dynamics’ (IKDD) and New Keynesian theory. Two areas are singled out: the treatment of stability issues and the approach to behavioral foundations. IKDD present a sophisticated stability analysis and rightly avoid the New Keynesian obsession with microfoundations based on optimizing behavior. The IKDD program, however, might benefit if behavioral questions were given greater prominence.
Keywords
- Stability; Behavioral foundations; Integrated Keynesian disequilibrium dynamics; New Keynesian theory
Disciplines
Publication Date
February 24, 2006
Publisher Statement
doi:10.1016/j.jmacro.2005.10.008
Citation Information
Peter Skott. "Comments on "Integrated Keynesian disequilibrium dynamics"" Journal of Macroeconomics Vol. 28 Iss. 1 (2006) Available at: http://works.bepress.com/peter_skott/61/