In November 2024
Answer to Question #327710 in Macroeconomics for Ram
Critically analyze the New Keynesian approach to explain business cycles.
New Keynesian theory explains the reduction in welfare by a failure in economic coordination: because wages and prices do not adjust instantaneously to equate supply and demand in all markets, some gains from trade go unrealized in a recession. In contrast, real business cycle theory allows no unrealized gains from trade.
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