Breve História dos Modelos Novo-Keynesianos

Excelente post de John Taylor sobre a evolução dos modelos Novo-Keynesianos. Ele fecha o post com chave de ouro ao dizer: I do not see the evidence that these models led policy makers astray or were a cause of the financial crisis. To the contrary I have argued that the general policy recommendations of these models—which generally took the form of particular monetary policy rules for the interest rate instrument—were not followed by policy makers in the years leading up to the crisis though they followed them during the Great Moderation. Ignoring the recommendations was the problem rather than the recommendations themselves. These models did not fail in their recommendations. Rather the policymakers failed to follow the recommendations.