New Keynesian economics

E9569

Keynesian economics tradition macroeconomic school of thought

New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.

Try in SPARQL Jump to: Surface forms Statements Referenced by

All labels observed (12)

Label	Occurrences
New Keynesian economics canonical	23
New Keynesian models	5
New Keynesian Phillips curve	4
New Keynesian	2
New Keynesian Economics (with David H. Romer and others)	1
New Keynesian economics tradition	1
New Keynesian macroeconomic theory	1
New Keynesian macroeconomics	1
New Keynesian monetary theory	1
New Keynesian school of macroeconomics	1
The New Keynesian Approach to Monetary Policy	1
microfoundations of macroeconomics	1

Statements (50)

Predicate	Object
instanceOf	Keynesian economics tradition ⓘ macroeconomic school of thought ⓘ
aimsToExplain	short-run economic fluctuations ⓘ
associatedWithEconomist	David Romer ⓘ Gregory Mankiw ⓘ John B. Taylor ⓘ Jordi Galí ⓘ Michael Woodford ⓘ Olivier Blanchard ⓘ Stanley Fischer ⓘ
contrastsWith	New Classical macroeconomics ⓘ
developedFrom	Old Keynesian economics ⓘ neoclassical synthesis ⓘ
emergedInPeriod	1980s ⓘ late 1970s ⓘ
emphasizes	forward-looking behavior ⓘ importance of expectations ⓘ market imperfections ⓘ non-neutrality of money in the short run ⓘ price rigidities ⓘ role of monetary policy in stabilization ⓘ wage rigidities ⓘ
hasTheoreticalBasisIn	microfoundations ⓘ
includesFeature	Calvo pricing ⓘ efficiency wages ⓘ menu costs ⓘ monopolistic competition in goods markets ⓘ
incorporates	imperfect competition ⓘ nominal rigidities ⓘ sticky prices ⓘ sticky wages ⓘ
influenced	New Neoclassical Synthesis ⓘ modern central bank policy analysis ⓘ
justifiesPolicy	active stabilization policy ⓘ
respondsTo	Lucas critique ⓘ failures of traditional Keynesian models ⓘ
supportsPolicy	countercyclical fiscal policy ⓘ inflation targeting ⓘ monetary policy rules ⓘ
supportsView	systematic monetary policy affects real output in short run ⓘ
typicallyAssumes	representative agent households ⓘ representative firm behavior ⓘ
usesAssumption	rational expectations ⓘ
usesConcept	natural rate of interest ⓘ output gap ⓘ
usesModel	dynamic stochastic general equilibrium models ⓘ
usesTool	Euler equations ⓘ Phillips curve framework ⓘ surface form: Phillips curve intertemporal optimization ⓘ
viewsBusinessCyclesAs	result of nominal and real rigidities ⓘ

How these facts were elicited

The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.

Instruction

You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10.

# Requirements
- If you don't know the subject at all, return an empty list.
- If the subject is not a named entity, return an empty list.
- Include at least one triple where predicate is "instanceOf".
- Do not get too wordy.
- Separate several objects into multiple triples with one object.

Input

Subject: New Keynesian economics
Description of subject: New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.

Referenced by (42)

Full triples — surface form annotated when it differs from this entity's canonical label.

John Maynard Keynes → influenced → New Keynesian economics ⓘ

The General Theory of Employment, Interest and Money → influenced → New Keynesian economics ⓘ

Phillips curve framework → extendedBy → New Keynesian economics ⓘ

this entity surface form: New Keynesian Phillips curve

Phillips curve framework → hasVariant → New Keynesian economics ⓘ

this entity surface form: New Keynesian Phillips curve

Stanley Fischer → fieldOfWork → New Keynesian economics ⓘ

Stanley Fischer → notableWork → New Keynesian economics ⓘ

Jordi Galí → fieldOfWork → New Keynesian economics ⓘ

Jordi Galí → hasNotableWork → New Keynesian economics ⓘ

this entity surface form: The New Keynesian Approach to Monetary Policy

Jordi Galí → influencedBy → New Keynesian economics ⓘ

this entity surface form: New Keynesian macroeconomic theory

New Neoclassical Synthesis → combinesElementsOf → New Keynesian economics ⓘ

New Neoclassical Synthesis → sharesFeatureWith → New Keynesian economics ⓘ

Gregory Mankiw → fieldOfWork → New Keynesian economics ⓘ

Gregory Mankiw → knownFor → New Keynesian economics ⓘ

Gregory Mankiw → hasResearchInterest → New Keynesian economics ⓘ

this entity surface form: New Keynesian Phillips curve

Lucas critique → relatedTo → New Keynesian economics ⓘ

this entity surface form: microfoundations of macroeconomics

New Classical macroeconomics → contrastsWith → New Keynesian economics ⓘ

New Classical macroeconomics → influenced → New Keynesian economics ⓘ

David Romer → fieldOfWork → New Keynesian economics ⓘ

David Romer → notableWork → New Keynesian economics ⓘ

this entity surface form: New Keynesian Economics (with David H. Romer and others)

David Romer → influencedBy → New Keynesian economics ⓘ

this entity surface form: New Keynesian economics tradition

John B. Taylor → fieldOfWork → New Keynesian economics ⓘ

Olivier Blanchard → fieldOfWork → New Keynesian economics ⓘ

Olivier Blanchard → theoreticalApproach → New Keynesian economics ⓘ

this entity surface form: New Keynesian

Michael Woodford → fieldOfWork → New Keynesian economics ⓘ

Michael Woodford → knownFor → New Keynesian economics ⓘ

this entity surface form: New Keynesian monetary theory

Frisch elasticity of labor supply → usedIn → New Keynesian economics ⓘ