Central banks use macroeconomic models to help frame the issues that they face, to mold their ideas, and to guide them in their decisionmaking. While a wide range of models are available, economists ...

During the great depression of the 1930s, existing economic theory was unable either to explain the causes of the severe worldwide economic collapse or to provide an adequate public policy solution to ...

The combination of stagnant incomes and higher inflation has meant that Britain's savings rate has fallen to multi-decadal lows. The oddity here is that this is actually pretty standard Keynesian ...

Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists.

According to Klein, Keynes's General Theory was crying out for empirical application. He set himself the task of implementing this extension. Our paper documents the different stages of his endeavor, ...

Should fiscal policy be used to fight recessions? Most economists would answer that, for normal economic ups and downs, business cycle stabilization should be left to monetary policy and that fiscal ...

During 2009 there was a lot of smug talk among academic and political liberals of Keynesianism enjoying a triumphant revival. But in the real world of jobs, wages and production--as opposed to the ...