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Economics

Q. What is Keynesian model?

Keynesian model is slightly more complicated than the classic model and it is developed in four stages by analysing four separate models. Every model has, though, a value in itself. The models we will consider and the key characteristics of each are:

Cross model: W, P and R are constant (and exogenous).
IS-LM model: W, P are constant and R is endogenous.
AS-AD model: W is constant, P and R are endogenous.
The full Keynesian model: W is exogenous (but not constant), P and R are endogenous.

Once we have developed full Keynesian model, we will combine it with clasmodel that will lead to the neoclassical synthesis.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9577564

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