A New Consensus (or New Neoclassical Synthesis) has arisen among neoclassicaleconomists, which has been deﬁned by a number of New Keynesian economists and already presented in heuristic form. This new view seeks to redeﬁne the application of monetary policy by respecifying the most appropriate monetaryrule. In other respects it represents a return to Milton Friedman’s analysis of the expectations augmented Phillips curve.
This paper seeks to look at the underlying framework of the New Consensus models, providing a Post-Keynesian critique. In the light of this critique, the model is reformulated, with its basic structure intact, but with alternative post-Keynesian speciﬁcations of the Phillips curve being considered.
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