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New Keynesian financial experts reacted to the new traditional school by embracing judicious assumptions and zeroing in on creating miniature established models that are insusceptible

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New Keynesian financial experts reacted to the new traditional school by embracing judicious assumptions and zeroing in on creating miniature established models that are insusceptible to the Lucas investigate. Stanley Fischer and John B. Taylor created early work around here by showing that financial arrangement could be successful even in models with normal assumptions when agreements secured compensation for laborers. Other new Keynesian financial specialists, including Olivier Blanchard, Julio Rotemberg, Greg Mankiw, David Romer, and Michael Woodford, developed this work and showed different situations where unyielding costs and wages prompted money related and monetary approach having genuine impacts

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