Over the past couple of decades a large body of literature analysing the business
cycle fluctuations has employed the New Keyensian models.This framework
introduces the traditional Keynesian emphasis on the short-term price stickiness
into the neoclassical paradigm that features dynamic optimisation and
microfoundations.The present paper builds on recent pedagogical literature that
introduces the New Keynesian framework into undergraduate economics curricula
by considering several versions of the standard New Keynesian model and by
describing an Excel-based application that facilitates learning the internal logic of
these models.