New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative

International audienceThe paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian non-ergodic regimes. It put forward Keynesian principles ofgovernance which include monetary, budgetary and fiscal instruments, and suggest newdirections for the positive and normative analysis of macro-policies