New Classical Macroeconomics

GPTKB entity

Predicate	Object
gptkbp:instanceOf	school of economic thought
gptkbp:assumes	rational agents flexible prices continuous market clearing
gptkbp:contrastsWith	gptkb:Keynesian_economics
gptkbp:countryOfOrigin	gptkb:United_States
gptkbp:criticizedFor	Keynesian economists
gptkbp:emergedIn	1970s
gptkbp:field	macroeconomics
gptkbp:focusesOn	aggregate supply expectations formation
gptkbp:hasConcept	rational expectations market clearing microfoundations policy ineffectiveness proposition
https://www.w3.org/2000/01/rdf-schema#label	New Classical Macroeconomics
gptkbp:influenced	gptkb:Real_Business_Cycle_theory gptkb:New_Keynesian_economics
gptkbp:mainProponent	gptkb:Edward_Prescott gptkb:Robert_Lucas_Jr. gptkb:Thomas_Sargent gptkb:Robert_Barro
gptkbp:publishedIn	gptkb:Lucas_critique gptkb:After_Keynesian_Macroeconomics Expectations and the Neutrality of Money
gptkbp:relatedTo	gptkb:Chicago_School_of_Economics monetarism
gptkbp:teaches	anticipated policy has no real effects business cycles are responses to real shocks monetary policy is ineffective in the long run
gptkbp:bfsParent	gptkb:Real_Business_Cycle_theory gptkb:rational_expectations_hypothesis gptkb:Lucas_model gptkb:Real_Business_Cycle_Theory
gptkbp:bfsLayer	7