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  4. Winter 1993
  5. The New Keynesian Synthesis

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

The New Keynesian Synthesis

  • David Romer
Journal of Economic Perspectives
vol. 7, no. 1, Winter 1993
(pp. 5–22)
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Abstract

The new Keynesians made more rapid progress in understanding the microeconomics of unemployment than in understanding the microeconomics of nominal price rigidity. But the past five years have seen important breakthroughs in this second area. This paper will describe these breakthroughs, discuss our current understanding of nominal rigidity, and assess the work that remains to be done.

Citation

Romer, David. 1993. "The New Keynesian Synthesis." Journal of Economic Perspectives, 7 (1): 5–22. DOI: 10.1257/jep.7.1.5

JEL Classification

  • E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian
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