2006
DOI: 10.1590/s0101-31572006000400004 View full text |Buy / Rent full text
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Abstract: The paper presents both the New Consensus and Keynesian equilibrium within the usual four competitive macro-markets structure. It gives theoretical explanations of the pernicious effects that the NCM governance, which has been designed for ergodic stationary regimes, brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles of governance which include monetary, budgetary and fiscal instruments, and suggest new directions for the positive and normative analysis of macro-policies.

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“…Th e question is whether the authorities are pursuing feasible objectives that have been pragmatically defi ned in accordance with circumstances, and of discretionary policies (not discretionary policies in general). 14 A fi rst formal attempt is suggested in Asensio (2006 and. whether these objectives have been widely understood and accepted.…”
Section: Resultsmentioning
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“…Th e question is whether the authorities are pursuing feasible objectives that have been pragmatically defi ned in accordance with circumstances, and of discretionary policies (not discretionary policies in general). 14 A fi rst formal attempt is suggested in Asensio (2006 and. whether these objectives have been widely understood and accepted.…”
Section: Resultsmentioning
“…As such governance principles work symbiotically with the mainstream approach (Dixit/Lambertini 2003), they stabilize the macroeconomic system perfectly. Th e same rules, however, have severe drawbacks if they are implemented in a Keynesian model of the economy (Asensio 2006, Atesoglu/Smithin 2006, Palley 2007, Sawyer 2007, Setterfi eld/Lima 2008. As Asensio pointed out, in the absence of a spontaneous return towards full employment, a depressed level of unemployment becomes the macroeconomic policy target as soon as it comes to be considered the ›natural‹ rate, with the result that the policy mix ›symbiotically‹ anchors the system away from full employment.…”
Section: Economic Policy As a ›Magic Wand‹mentioning