New Consensus Macroeconomics: Review and Critique

The New Consensus Macroeconomic (NCM) model is often described as the most successful small formal macroeconomic model to arise from the Lucas critique and econometric criticisms of the earlier approaches. Similar to earlier models, NCM characterises a joint effort by academics and policymakers, although is commonly termed the ‘new neoclassical consensus model’ given its theoretical connections to new-Keynesian economics and real business cycle theory.

Continue reading



Add a Response

Your name, email address, and comment are required. We will not publish your email.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

The following HTML tags can be used in the comment field: <a href="" title="" rel=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <pre> <q cite=""> <s> <strike> <strong>