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These two volumes bring together a set of important essays that representa "new Keynesian" perspective in economics today. This recent work shows how theKeynesian approach to economic fluctuations can be supported by rigorousmicroeconomic models of economic behavior. The essays are grouped in seven partsthat cover costly price adjustment, staggering of wages and prices, im These two volumes bring together a set of important essays that representa "new Keynesian" perspective in economics today. This recent work shows how theKeynesian approach to economic fluctuations can be supported by rigorousmicroeconomic models of economic behavior. The essays are grouped in seven partsthat cover costly price adjustment, staggering of wages and prices, imperfectcompetition, coordination failures, and the markets for labor, credit, and goods. Anoverall introduction, brief introductions to each of the parts, and a bibliographyof additional papers in the field round out this valuable collection.Volume 1focuses on how friction in price setting at the microeconomic level leads to nominalrigidity at the macroeconomic level, and on the macroeconomic consequences ofimperfect competition, including aggregate demand externalities and multipliers.Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets.N. Gregory Mankiw is Professor of Economics at Harvard University.David Romer is Associate Professor of Economics at the University of California atBerkeley.Contributors: George A Akerlof. Costas Azariadis. Laurence Ball. Ben S.Bernanke. Mark Bits. Olivier J. Blanchard. Alan S. Blinder. John Bryant. Andrew S.Caplin. Dennis W. Carlton. Stephen G. Cecchetti. Russell Cooper. Peter A. Diamond.Gary Fethke. Stanley Fischer. Robert E. Hall. Oliver Hart. Andrew John. NobuhiroKiyotaki. Alan B. Krueger. David M. Lilien. Ian M. McDonald. N. David Mankiw. ArthurM. Okun. Andres Policano. David Romer. Julio J. Rotemberg. Garth Saloner. CarlShapiro. Andrei Shleifer. Robert M. Solow. Daniel F. Spulber. Joseph E. Stiglitz.Lawrence H. Summers. John Taylor. Andrew Weiss. Michael Woodford. Janet L.Yellen.


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These two volumes bring together a set of important essays that representa "new Keynesian" perspective in economics today. This recent work shows how theKeynesian approach to economic fluctuations can be supported by rigorousmicroeconomic models of economic behavior. The essays are grouped in seven partsthat cover costly price adjustment, staggering of wages and prices, im These two volumes bring together a set of important essays that representa "new Keynesian" perspective in economics today. This recent work shows how theKeynesian approach to economic fluctuations can be supported by rigorousmicroeconomic models of economic behavior. The essays are grouped in seven partsthat cover costly price adjustment, staggering of wages and prices, imperfectcompetition, coordination failures, and the markets for labor, credit, and goods. Anoverall introduction, brief introductions to each of the parts, and a bibliographyof additional papers in the field round out this valuable collection.Volume 1focuses on how friction in price setting at the microeconomic level leads to nominalrigidity at the macroeconomic level, and on the macroeconomic consequences ofimperfect competition, including aggregate demand externalities and multipliers.Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets.N. Gregory Mankiw is Professor of Economics at Harvard University.David Romer is Associate Professor of Economics at the University of California atBerkeley.Contributors: George A Akerlof. Costas Azariadis. Laurence Ball. Ben S.Bernanke. Mark Bits. Olivier J. Blanchard. Alan S. Blinder. John Bryant. Andrew S.Caplin. Dennis W. Carlton. Stephen G. Cecchetti. Russell Cooper. Peter A. Diamond.Gary Fethke. Stanley Fischer. Robert E. Hall. Oliver Hart. Andrew John. NobuhiroKiyotaki. Alan B. Krueger. David M. Lilien. Ian M. McDonald. N. David Mankiw. ArthurM. Okun. Andres Policano. David Romer. Julio J. Rotemberg. Garth Saloner. CarlShapiro. Andrei Shleifer. Robert M. Solow. Daniel F. Spulber. Joseph E. Stiglitz.Lawrence H. Summers. John Taylor. Andrew Weiss. Michael Woodford. Janet L.Yellen.

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