Comments on “Integrated Keynesian disequilibrium dynamics”

This comment on Asada et al.'s paper discusses the contrast between 'integrated Keynesian disequilibrium dynamics' (IKDD) and New Keynesian theory. Two areas are singled out: the treatment of stability issues and the approach to behavioral foundations. IKDD present a sophisticated stability analysis and rightly avoid the New Keynesian obsession with microfoundations based on optimizing behavior. The IKDD program, however, might benefit if behavioral questions were given greater prominence.