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Rethinking the Keynesian RevolutionKeynes, Hayek, and the Wicksell Connection$
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Tyler Beck Goodspeed

Print publication date: 2012

Print ISBN-13: 9780199846658

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199846658.001.0001

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Keynes, Hayek, and the Wicksell Connection

Keynes, Hayek, and the Wicksell Connection

(p.158) Chapter 6 Keynes, Hayek, and the Wicksell Connection
Rethinking the Keynesian Revolution

Tyler Beck Goodspeed

Oxford University Press

The chapter concludes by introducing the standard “New Keynesian” dynamic stochastic equilibrium model, emphasizing the ways in which it departs from the Wicksell-Keynes-Hayek connection. In particular, the chapter focuses on the absence of the problem of intertemporal coordination, central to the Wicksell-Keynes-Hayek story, from the New Keynesian model. The chapter then relates this issue to the larger problem of integrating time into general equilibrium models, a point raised during, but largely obscured by, the protracted and often acrimonious debates of the Cambridge Capital Controversies. The chapter thus concludes by suggesting a Wicksell-Keynes-Hayek research agenda focusing on disequilibrium dynamics, and the central role of money in permitting such out-of-equilibrium processes.

Keywords:   time, money, New Keynesian model, intertemporal coordination, Cambridge Capital Controversies, disequilibrium dynamics

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