ABSTRACT 摘要
本文试图在开放经济的新共识模型的基本框架，提供了一个后凯恩斯主义的批判。概述和简要说明的主要内容和方式，从其理论和政策方面的立场的宏观思考。
这个特定的理论框架有一些问题和缺点。批判是基于Philip Arestis、Malcom Sawyer的总结，我们这里重点对NCM密切相关的重要方面（新共识宏观经济学）：银行，没有通货膨胀，从这一理论框架下的货币政策和方式的概念“均衡实际利率”是利用相同的框架。
This paper seeks to look at the underlying framework of the open economy New Consensus models, providing a Post Keynesian critique. It outlines and explains briefly the main elements of and way of thinking about the macro-economy from the standpoint of both its theoretical and its policy dimensions.
There are a few problems and weaknesses with this particular theoretical framework. The critique is based on the summary from Philip Arestis, Malcom Sawyer, Alfonso Palacio -Vera and Giuseppe Fontana supported with the point of view of other post Keynesian economists. We focus here on the important aspects closely related to NCM (New Consensus Macroeconomics): the absence of banks, inflation, monetary policy from this theoretical framework, and the way the notion of the "equilibrium real rate of interest" is utilized by the same framework (Philip Arestis). The analysis is critical of NCM from Keynesian perspective.
INTRODUCTION 简介
A New Consensus in Macroeconomics (NCM) has emerged over the past decade or so and has replaced the IS-LM model. NCM has become highly influential in terms of current macroeconomic thinking and of macroeconomic policy, especially monetary policy. The birth of NCM was made possible after the collapse of the Grand Neoclassical Synthesis in the 1970s. New Keynesian macroeconomics was transformed into what have been labeled now as New Consensus Macroeconomics.
The policy implications of the NCM paradigm are important for the development aspect of macroeconomics. Price stability can be achieved through monetary policy since inflation is a monetary phenomenon and it can only be controlled through changes in the rate of interest. Philip Arestis (2007b) reviewed the open economy aspect of the NCM, which enables some attention to be given to the exchange rate channel of the transmission mechanism of monetary policy in addition to the aggregate demand channel and the inflation expectations channel. Even though NCM as a new way thinking of the macroeconomics, it is not without its problems. There are some issues that have been occurred at the NCM and being criticized by economist including post Keynesian economists.
The New Consensus Macroeconomics Model 新共识宏观经济学模型
Philip Arestis (2009) mentioned that the NCM is a framework which there is no role for money and banking and there is only a single rate of interest. The two key of assumptions that are worth to be known are that price stability is the primary objective of monetary policy and that inflation is a monetary phenomenon which can be controlled by monetary policy and this being the rate of interest under the control of the central bank.
Overview of the open economy NCM model 开放经济的NCM模型概述
The equation also resembles the traditional IS function, but they differ substantially. The original IS/LM curve represents demand and supply for goods and service. The NCM IS curve emanates from intertemporal optimization of expected lifetime utility that reflect optimal consumption subject to budget constraint. The marginal rate of substitution between current and future consumption are ignoring uncertainty and adjusted for subjective rate of time discount, is equal to the gross real rate of interest. Both lagged adjustment and forward looking elements. The inter-temporal optimization utility is based on assumption that all debts are ultimately paid in full and removing all the credit risk and default. All inter-temporal optimization utility would be accepted in exchange. There is no need for a specific monetary asset. All fixed interest financial assets are identical so that there is a single rate of interest in any period. Single rate of interest may change borrowing and saving and it doesn't need for financial intermediaries such as commercial bank or other non bank financ
