The New Classical Macroeconomics and Stabilization Policy
批评新古典宏观经济学在解释经济波动时作用有限，认为其核心假设（市场出清、生产率冲击主导波动等）缺乏证据，并指出应关注市场如何运作，而非是否运作，这恰是新凯恩斯经济学的重点。
The new classical macroeconomics (NCM) is not particularly useful in explaining stark episodes. To be successful, the new classical approach will have to be developed in a number of areas including coordination problems and political economy issues of stabilization. These modifications can in principle be worked into the NCM classical approach, but that will change the main thrust. So far, the message reads: markets clear, productivity shocks are the dominant source of fluctuations, intertemporal substitution in consumption and labor supply are the chief amplifying factors, and government policy is substantially irrelevant. On these key propositions, the evidence fails and the emphasis is misdirected. The issue is not whether markets work, but rather how they work, a concern rightly emphasized by the new Keynesian economics.