Abstract

The theme that Axel Leijonhufvud has extracted from the economics of Keynes is the potential for failures in the intertemporal coordination of activities in complex market systems. In his path-breaking book of 1968, he attacked standard Keynesian Economics for its view on frictions, which reduces the causes of macroeconomic pathologies to nominal rigidities. With the rise of DSGE-based New Keynesian Economics, Leijonhufvud has pointed out that ‘standard macroeconomics’ is still stuck in the frictions view. Referring to recent financial crises, he considers DSGE modelling to be hopelessly inadequate for dealing with such macroeconomic instability. Yet, the financial frictions literature in New Keynesian Economics claims to have found ways to incorporate financial crises into DSGE frameworks. The article describes continuity and change in Leijonhufvud’s critique of Old and New Keynesians, and assesses contrary claims to progress made in the DSGE world.

中文翻译：

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Leijonhufvud论新凯恩斯主义经济学和凯恩斯经济学

摘要

Axel Leijonhufvud从凯恩斯经济学中汲取的主题是复杂市场体系中活动的跨期协调失败的潜在可能性。在1968年的开创性著作中，他抨击标准凯恩斯经济学对摩擦的看法，这种看法将宏观经济病理学的成因降低到名义刚性。随着基于DSGE的新凯恩斯主义经济学的兴起，Leijonhufvud指出，“标准宏观经济学”仍然停留在摩擦观中。在谈到最近的金融危机时，他认为DSGE建模不足以应对这种宏观经济的不稳定性。但是，《新凯恩斯经济学》中的金融摩擦文献声称已经找到了将金融危机纳入DSGE框架的方法。