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.

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2011

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