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In what sense are "new-Keynesian" models "new" and in what sense are they "Keynesian"?
Hopefully, the title of this question is quite descriptive. Whilst I have a broad understanding of the research agenda of macroeconomics, I don't have a very good picture of how it is divided into various schools and traditions. Is there a way to briefly summarise what exactly New Keynesian macro is and how it relates to the rest of what is going on in macroeconomics?
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