The Godley-Tobin lecture

Robert Eric Rowthorn

11 citations0/0 files storedReview of Keynesian Economics

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Economic Theory and Policy Monetary Policy and Economic Impact Economic theories and models

Abstract

This paper surveys some of the main developments in macroeconomics since the anti-Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory, expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, hysteresis, and heterodox theories of growth and distribution. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics.

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References

1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1974Are Government Bonds Net Wealth?1986Equilibrium Unemployment as a Worker Discipline Device 2007Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach 2003An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area 2010Growth in a Time of Debt 1990The Fair Wage-Effort Hypothesis and Unemployment 1986Theory ahead of business-cycle measurement

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