Notas críticas sobre a macroeconomia novo-Keynesiana

Abstract

Critical notes on new-Keynesian macroeconomics. This article shows that, in spite of its great steps towards reality, new-Keynesian macroeconomics seems to be a non-systematic construction with problems originated from "ad hoc" hypothesis required to explain the non neutrality of money and the existence of disequilibria in the short run. In particular, it seems that prices and wages rigidities stand in sandy bases and that the derivation of the IS and LM curves from neoclassical fundamentals is problematic. Even disregarding the apparent difficulties of the neoclassical theory of value and distribution, the new-Keynesian connections between interest rate, money, and output do not seem fully consistent.Keywords: macroeconomics; new-Keynesian theory; non-neutrality of money; price and wage rigidities; nominal and real rigidities; IS and LM curves; newKeynesian Phillips curve; Taylor rule. JEL Classification: E12. INTRODUçãODesde Keynes que a teoria macroeconômica tem evoluído pelos mais díspares caminhos. Já em 1937, veio a público o famoso modelo IS-LM, que dominaria a macroeconomia até princípios da década de 1970, não obstante os protestos dos keynesianos de Cambridge, inconformados com o aparente "abastardamento" do pensamento revolucionário de Keynes. Nesse período, assistiu-se ao retorno das ideias neoclássicas, popularizadas através de Milton Friedman, que desenvolveria, paralelamente a Phelps, a versão aceleracionista da curva de Phillips, incorporando a ideia da "taxa natural de desemprego" e o modelo de expectativas adaptativas