How does the new Keynesian model differ from the earlier Keynesian deficient-demand model? How does it differ

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How does the new Keynesian model differ from the earlier Keynesian deficient-demand model? How does it differ from the modern classical one? Which of the three models would explain involuntary unemployment in a recession following a fall in aggregate demand?

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Monetary Economics

ISBN: 9780415772099

2nd Edition

Authors: Jagdish Handa

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