tag:blogger.com,1999:blog-16603042.post4976988941129117452..comments2023-03-10T01:20:28.269+13:00Comments on Long Ago and Not True Anyway: Yet another bookmarkTerencehttp://www.blogger.com/profile/17321549651265388367noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-16603042.post-64372486464088931862008-04-23T17:13:00.000+12:002008-04-23T17:13:00.000+12:00Hi,No I didn't read it. There is still a methodol...Hi,<BR/><BR/>No I didn't read it. There is still a methodological debate between new and old Keynesians - ultimately I think the main sticking point is rational expectations.<BR/><BR/>I agree rational expectations don't hold in the short run, but we don't have anything else. <BR/><BR/>Keynes treated expectations as unobservable (like economists do preferences now) so its an area where the great man left us in the dark.Matt Nolanhttps://www.blogger.com/profile/05615455113796090765noreply@blogger.comtag:blogger.com,1999:blog-16603042.post-22738083843378566702008-04-19T11:26:00.000+12:002008-04-19T11:26:00.000+12:00Thanks Matt. Did you read the great heterodox econ...Thanks Matt. Did you read the great heterodox economics debate on TPM cafe. It was interesting to read James Galbraith critiquing New Keynesianism from an old Keynesian perspective.Terencehttps://www.blogger.com/profile/17321549651265388367noreply@blogger.comtag:blogger.com,1999:blog-16603042.post-48280429287885269232008-04-17T10:50:00.000+12:002008-04-17T10:50:00.000+12:00Interesting article. The new classical school had...Interesting article. <BR/><BR/>The new classical school had a more robust methodology for analyzing problems. Nowadays New Keynesian theory uses the new classical tools to try and explain data in a sense that involves market imperfections - this is definitely the way macro theory is going.<BR/><BR/>Many economists see themselves as New Keynesian nowMatt Nolanhttps://www.blogger.com/profile/05615455113796090765noreply@blogger.com