The State of New Keynesian Economics: A Partial Assessment
I provide an overview of recent developments in monetary economics, with an emphasis on extensions of the New Keynesian framework that assume a zero lower bound on the short term nominal rate, as well as models with household heterogeneity.
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Document Object Identifier (DOI): 10.3386/w24845
Published: Jordi Galí, 2018. "The State of New Keynesian Economics: A Partial Assessment," Journal of Economic Perspectives, vol 32(3), pages 87-112.