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Journal of Economic Perspectives: Vol. 7 No. 1 (Winter 1993)

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The New Keynesian Synthesis

Article Citation

Romer, David. 1993. "The New Keynesian Synthesis." Journal of Economic Perspectives, 7(1): 5-22.

DOI: 10.1257/jep.7.1.5

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.

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Authors

Romer, David (U CA, Berkeley)

JEL Classifications

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

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