We called it The Promising Tradition during my seminary days. The Promising Tradition represents a theology which tries to capture the essence of the 16th century Lutheran confessional movement, although such a thing can never be captured, and reconfess all over again the truths of our Biblical faith for the sake of the Gospel within our contemporary setting. The Promising Tradition is not the official court theology of any denomination. As a matter of fact, most Lutheran denominations I know of, have tended to resist it and resist those who confess the theology of the Promising Tradition as their own. Confessing the Gospel is always dangerous business for denominations.
Denominations still reflect the old order of things.
Certainly they are bound to ethos under the Law, as Werner Elert put it. The Gospel deliciously, joyously, triumphantly threatens all that with its whole, new, victorious order, ruled by the crucified and risen One. Its confessing has spilled over into many churches through the Christ-connected men and women who confess the Gospel of the Promising Tradition. It even remains, however oppressed, as a thin tradition in the Lutheran Church Missouri Synod. The Promising Tradition is associated with voices like those of Bob Bertram and Ed Schroeder.