New Keynesian economics
E9569
New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
All labels observed (12)
How this entity was disambiguated
This entity first appeared as the object of triple T85978 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: New Keynesian economics Context triple: [John Maynard Keynes, influenced, New Keynesian economics]
-
A.
Keynesian economics
Keynesian economics is a macroeconomic theory that emphasizes the role of aggregate demand and government intervention in stabilizing economic fluctuations and reducing unemployment.
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B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
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C.
The General Theory of Employment, Interest and Money
The General Theory of Employment, Interest and Money is John Maynard Keynes’s landmark 1936 book that founded modern macroeconomics by challenging classical views and explaining the causes of prolonged unemployment and economic downturns.
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D.
A Treatise on Money
A Treatise on Money is an influential two-volume work by economist John Maynard Keynes that analyzes the functioning of monetary systems, credit, and business cycles in modern economies.
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E.
John Maynard Keynes
John Maynard Keynes was a British economist whose revolutionary ideas about government intervention in the economy profoundly shaped modern macroeconomics and policies adopted during and after the Great Depression.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: New Keynesian economics Target entity description: New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
-
A.
Keynesian economics
Keynesian economics is a macroeconomic theory that emphasizes the role of aggregate demand and government intervention in stabilizing economic fluctuations and reducing unemployment.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
The General Theory of Employment, Interest and Money
The General Theory of Employment, Interest and Money is John Maynard Keynes’s landmark 1936 book that founded modern macroeconomics by challenging classical views and explaining the causes of prolonged unemployment and economic downturns.
-
D.
A Treatise on Money
A Treatise on Money is an influential two-volume work by economist John Maynard Keynes that analyzes the functioning of monetary systems, credit, and business cycles in modern economies.
-
E.
John Maynard Keynes
John Maynard Keynes was a British economist whose revolutionary ideas about government intervention in the economy profoundly shaped modern macroeconomics and policies adopted during and after the Great Depression.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
Keynesian economics tradition
ⓘ
macroeconomic school of thought ⓘ |
| aimsToExplain | short-run economic fluctuations ⓘ |
| associatedWithEconomist |
David Romer
ⓘ
Gregory Mankiw ⓘ John B. Taylor ⓘ Jordi Galí ⓘ Michael Woodford ⓘ Olivier Blanchard ⓘ Stanley Fischer ⓘ |
| contrastsWith | New Classical macroeconomics ⓘ |
| developedFrom |
Old Keynesian economics
ⓘ
neoclassical synthesis ⓘ |
| emergedInPeriod |
1980s
ⓘ
late 1970s ⓘ |
| emphasizes |
forward-looking behavior
ⓘ
importance of expectations ⓘ market imperfections ⓘ non-neutrality of money in the short run ⓘ price rigidities ⓘ role of monetary policy in stabilization ⓘ wage rigidities ⓘ |
| hasTheoreticalBasisIn | microfoundations ⓘ |
| includesFeature |
Calvo pricing
ⓘ
efficiency wages ⓘ menu costs ⓘ monopolistic competition in goods markets ⓘ |
| incorporates |
imperfect competition
ⓘ
nominal rigidities ⓘ sticky prices ⓘ sticky wages ⓘ |
| influenced |
New Neoclassical Synthesis
ⓘ
modern central bank policy analysis ⓘ |
| justifiesPolicy | active stabilization policy ⓘ |
| respondsTo |
Lucas critique
ⓘ
failures of traditional Keynesian models ⓘ |
| supportsPolicy |
countercyclical fiscal policy
ⓘ
inflation targeting ⓘ monetary policy rules ⓘ |
| supportsView | systematic monetary policy affects real output in short run ⓘ |
| typicallyAssumes |
representative agent households
ⓘ
representative firm behavior ⓘ |
| usesAssumption | rational expectations ⓘ |
| usesConcept |
natural rate of interest
ⓘ
output gap ⓘ |
| usesModel | dynamic stochastic general equilibrium models ⓘ |
| usesTool |
Euler equations
ⓘ
Phillips curve framework ⓘ
surface form:
Phillips curve
intertemporal optimization ⓘ |
| viewsBusinessCyclesAs | result of nominal and real rigidities ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: New Keynesian economics Description of subject: New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
Referenced by (42)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
New Keynesian Phillips curve
this entity surface form:
New Keynesian Phillips curve
this entity surface form:
The New Keynesian Approach to Monetary Policy
this entity surface form:
New Keynesian macroeconomic theory
this entity surface form:
New Keynesian Phillips curve
this entity surface form:
microfoundations of macroeconomics
this entity surface form:
New Keynesian Economics (with David H. Romer and others)
this entity surface form:
New Keynesian economics tradition
this entity surface form:
New Keynesian
this entity surface form:
New Keynesian monetary theory
this entity surface form:
New Keynesian models
this entity surface form:
New Keynesian models
subject surface form:
Lectures on Macroeconomics
this entity surface form:
New Keynesian models
this entity surface form:
New Keynesian Phillips curve
Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?
→
relatedTo
→
New Keynesian economics
ⓘ
this entity surface form:
New Keynesian macroeconomics
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
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relatedTo
→
New Keynesian economics
ⓘ
this entity surface form:
New Keynesian models
graduate-level macroeconomics textbook Advanced Macroeconomics
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subject
→
New Keynesian economics
ⓘ
subject surface form:
Advanced Macroeconomics
this entity surface form:
New Keynesian models
this entity surface form:
New Keynesian
this entity surface form:
New Keynesian school of macroeconomics