|
gptkbp:instanceOf
|
school of economic thought
|
|
gptkbp:assumes
|
agents have rational expectations
markets clear continuously
|
|
gptkbp:basedOn
|
rational expectations
market clearing
|
|
gptkbp:contrastsWith
|
gptkb:Keynesian_economics
|
|
gptkbp:countryOfOrigin
|
gptkb:United_States
|
|
gptkbp:criticizedFor
|
gptkb:New_Keynesian_Economics
assuming perfect information
ignoring price stickiness
neglecting involuntary unemployment
|
|
gptkbp:emergedIn
|
1970s
|
|
gptkbp:focusesOn
|
microfoundations of macroeconomics
|
|
gptkbp:hasConcept
|
gptkb:Lucas_critique
policy ineffectiveness proposition
rational expectations equilibrium
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
New Classical Economics
|
|
gptkbp:influenced
|
gptkb:Real_Business_Cycle_theory
modern macroeconomics
|
|
gptkbp:mainProponent
|
gptkb:Edward_Prescott
gptkb:Robert_Lucas_Jr.
gptkb:Thomas_Sargent
gptkb:Robert_Barro
|
|
gptkbp:publishedIn
|
gptkb:Journal_of_Political_Economy
|
|
gptkbp:relatedTo
|
gptkb:Monetarism
gptkb:Chicago_School_of_Economics
|
|
gptkbp:requires
|
systematic monetary policy is ineffective
business cycles are responses to real shocks
|
|
gptkbp:bfsParent
|
gptkb:New_Classical_School
gptkb:Rational_Expectations
gptkb:Neoclassical_economics
|
|
gptkbp:bfsLayer
|
7
|