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The New Neoclassical Synthesis is a natural starting point for the consideration of welfare-maximizing monetary arrangements in the international context.
Based on the new neoclassical synthesis, a macroeconomic model useful for developing and analyzing monetary policy, the framework that Broaddus and Goodfriend suggest implies a fundamental principle of price stability: that inflation will remain low and stable if firms can expect only small departures from those price markups that best maximize their profits.
This reduction in welfare arises in the context of a class of models that economists often use to characterize the workings of the economy--the so-called New Neoclassical Synthesis (NNS).
Specifically, my own approach to policy analysis currently draws heavily on new neoclassical synthesis models, which integrate real world phenomena like price stickiness that many would think of as Keynesian with modem real business cycle theory.