New Keynesian Economics: Coordination failures and real rigidities

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N. Gregory Mankiw, David Romer
MIT Press, 1991 - Business & Economics - 466 pages
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These two volumes bring together a set of important essays that represent a "newKeynesian" perspective in economics today. This recent work shows how the Keynesian approach toeconomic fluctuations can be supported by rigorous microeconomic models of economic behavior. Theessays are grouped in seven parts that cover costly price adjustment, staggering of wages andprices, imperfect competition, coordination failures, and the markets for labor, credit, and goods.An overall introduction, brief introductions to each of the parts, and a bibliography of additionalpapers in the field round out this valuable collection.Volume 1 focuses on how friction in pricesetting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on themacroeconomic consequences of imperfect competition, including aggregate demand externalities andmultipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, andgoods markets.N. Gregory Mankiw is Professor of Economics at Harvard University. David Romer isAssociate Professor of Economics at the University of California at Berkeley.Contributors: George AAkerlof. Costas Azariadis. Laurence Ball. Ben S. Bernanke. Mark Bits. Olivier J. Blanchard. Alan S.Blinder. John Bryant. Andrew S. Caplin. Dennis W. Carlton. Stephen G. Cecchetti. Russell Cooper.Peter A. Diamond. Gary Fethke. Stanley Fischer. Robert E. Hall. Oliver Hart. Andrew John. NobuhiroKiyotaki. Alan B. Krueger. David M. Lilien. Ian M. McDonald. N. David Mankiw. Arthur M. Okun. AndresPolicano. David Romer. Julio J. Rotemberg. Garth Saloner. Carl Shapiro. Andrei Shleifer. Robert M.Solow. Daniel F. Spulber. Joseph E. Stiglitz. Lawrence H. Summers. John Taylor. Andrew Weiss.Michael Woodford. Janet L. Yellen.

 

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Contents

Coordinating Coordination Failures in Keynesian Models
3
IMPERFECT COMPETITION
12
COSTLY PRICE ADJUSTMENT
24
A Simple RationalExpectations KeynesType Model
25
A NearRational Model of the Business Cycle with
43
Implementation Cycles
47
Real Rigidities and the Nonneutrality of Money
59
SelfFulfilling Expectations and Fluctuations
77
Implicit Contracts and FixedPrice Equilibria
187
Wage Bargaining and Employment
211
THE STAGGERING OF WAGES AND PRICES
215
Hysteresis in Unemployment
235
Staggered Wage Setting in a Macro Model
243
The Allocation of Credit and Financial Collapse
277
Nonmonetary Effects of the Financial Crisis
293
Credit Money and Aggregate Demand
327

Menu Costs and the Neutrality of Money
87
The Rigidity of Prices
108
EfficiencyWage Models of Unemployment
113
The New Keynesian Economics and the OutputInflation
135
Efficiency Wages and the Interindustry Wage Structure
143
Price Rigidities and Market Structure
377
The Cyclical Behavior of Marginal Cost and Price
417
Contributors to Volume 2
445
Copyright

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About the author (1991)

N. Gregory Mankiw is Professor of Economics at Harvard University.

David Romer is Herman Royer Professor of Political Economy at the University of California, Berkeley.

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