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1、AmericanEconomicAssociationWilltheNewKeynesianMacroeconomicsResurrecttheIS-LMModel?Author(s):RobertG.KingReviewedwork(s):Source:TheJournalofEconomicPerspectives,Vol.7,No.1(Winter,1993),pp.67-82Publishedby:AmericanEconomicAssociationStableURL:http://ww
2、w.jstor.org/stable/2138320.Accessed:08/01/201201:59YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,
3、andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanEconomicAsso
4、ciationiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheJournalofEconomicPerspectives.http://www.jstor.orgJournalofEconomicPerspectives-Volume7,NumberI-Winter1993-Pages67-82WilltheNewKeynesianMacroeconomicsResurrecttheIS-LMModel?RobertG.
5、KingSuccessfulmarketingtypicallymakesaproductnewandoldatthesametime.Forexample,manynewautomobilemodelsarepresentedtoconsumerseveryyear.Witheachnewmodel,themanufacturerseekstoholdontotheexistingmarketandtoattractnewbuyers.Atypicaladvertisingcampaignthu
6、sstressesthattraditionalfeatureshavebeenkept,withexcitingnewonesadded.Butthestressvariesacrossmarketgroups:traditionalbuyersgetaheavyemphasisonmaintainedfeatures,whiletheprospectivenewpurchasersgetapictureofavirtuallynewproduct.Sotooitiswitheconomics.
7、Muchrecentattentionisattachedtothedevelopmentofa"NewKeynesianMacroeconomics."'IInthetwinvolumesofthistitleeditedbyN.GregoryMankiwandDavidRomer(1991),theproductisaseductiveone.Thereaderispresentedwithawidearrayofshortpapersdevelopingparticularaspectsof
8、aggregatesupply;forexample,onthepricingoffinalproductsandontheoperationoflabormarkets.Microeconomicsisemphasizedheavily,incontrasttotraditional1960sKeynesianwork,althoughsupportingempiricalevidencereceivesmuchlessstressthanitdidintheearliervin
