[4] The new synthesis has taken elements from both schools, and is characterised by a consensus on acceptable methodology, the importance of empirical validation of theoretical work, and the effectiveness of monetary policy.
These allow both short-run and long-run impacts of changes in the economy to be examined in a single framework and microeconomic and macroeconomic concerns are no longer separated.
This element of the synthesis is partly a victory for the new classical, but it also includes the Keynesian desire for modeling short-run aggregate dynamics.
[9] Second, the modern synthesis recognizes the importance of using observed data, but economists now focus on models built out of theory instead of looking at more generic correlations.
However, based on sticky prices and other rigidities, the synthesis does not embrace the complete neutrality of money proposed by earlier new classical economists.