Macroeconomics - Knowledge

1677:(RBC) models of the macro economy. RBC models were created by combining fundamental equations from neo-classical microeconomics to make quantitative models. In order to generate macroeconomic fluctuations, RBC models explained recessions and unemployment with changes in technology instead of changes in the markets for goods or money. Critics of RBC models argue that technological changes, which typically diffuse slowly throughout the economy, could hardly generate the large short-run output fluctuations that we observe. In addition, there is strong empirical evidence that monetary policy does affect real economic activity, and the idea that technological regress can explain recent recessions seems implausible. 47: 1178: 1909: 1876:). An increase in the savings rate leads to a temporary increase as the economy creates more capital, which adds to output. However, eventually the depreciation rate will limit the expansion of capital: savings will be used up replacing depreciated capital, and no savings will remain to pay for an additional expansion in capital. Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity. The Solow model can be interpreted as a special case of the more general 1014: 862: 1961:. Once consumed, natural inputs pass out of the economy as pollution and waste. The potential of an environment to provide services and materials is referred to as an "environment's source function", and this function is depleted as resources are consumed or pollution contaminates the resources. The "sink function" describes an environment's ability to absorb and render harmless waste and pollution: when waste output exceeds the limit of the sink function, long-term damage occurs. 6866: 1280: 6830: 5065: 6855: 806: 2370: 2432: 818: 6842: 2325: 1610:, and that aggregate demand oriented explanations were not necessary. Friedman also argued that monetary policy was more effective than fiscal policy; however, Friedman doubted the government's ability to "fine-tune" the economy with monetary policy. He generally favored a policy of steady growth in money supply instead of frequent intervention. 945:

single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctoral studies, the macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists.

1360:. Whereas there is empirical evidence that there is a long-run positive correlation between the growth rate of the money stock and the rate of inflation, the quantity theory has proved unreliable in the short- and medium-run time horizon relevant to monetary policy and is abandoned as a practical guideline by most central banks today. 2397:, which states that as prices fall, the demand for money decreases, causing interest rates to decline and borrowing for investment and consumption to increase; and the net export effect, which states that as prices rise, domestic goods become comparatively more expensive to foreign consumers, leading to a decline in exports. 1442: 2411:

In modern textbooks, the AD–AS model is often presented sligthly differently, however, in a diagram showing not the price level, but the inflation rate along the vertical axis, making it easier to relate the diagram to real-world policy discussions. In this framework, the AD curve is downward sloping

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The traditional LM curve is upward sloping because the interest rate and output have a positive relationship in the money market: as income (identically equal to output in a closed economy) increases, the demand for money increases, resulting in a rise in the interest rate in order to just offset the

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and ultimately inflation is affected. Expansionary monetary policy lowers interest rates, increasing economic activity, whereas contractionary monetary policy raises interest rates. In the case of a fixed exchange rate system, interest rate decisions together with direct intervention by central banks

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where national output is the product of two inputs: capital and labor. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles. In this model, increases in output, i.e. economic growth,

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The structural or natural rate of unemployment is the level of unemployment that will occur in a medium-run equilibrium, i.e. a situation with a cyclical unemployment rate of zero. There may be several reasons why there is some positive unemployment level even in a cyclically neutral situation, which

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to clarify assumptions and show their consequences in a precise way. Models include simple theoretical models, often containing only a few equations, used in teaching and research to highlight key basic principles, and larger applied quantitative models used by e.g. governments, central banks, think

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There is a general consensus that both monetary and fiscal instruments may affect demand and activity in the short run (i.e. over the business cycle). Economists usually favor monetary over fiscal policy to mitigate moderate fluctuations, however, because it has two major advantages. First, monetary

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the medium run (e.g. a decade): Over the medium run, the economy tends to an output level determined by supply factors like the capital stock, the technology level and the labor force, and unemployment tends to revert to its structural (or "natural") level. These factors move slowly, so that it is a

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Macroeconomics encompasses a variety of concepts and variables, but above all the three central macroeconomic variables are output, unemployment, and inflation. Besides, the time horizon varies for different types of macroeconomic topics, and this distinction is crucial for many research and policy

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are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a

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economists responded to the new classical school by adopting rational expectations and focusing on developing micro-founded models that were immune to the Lucas critique. Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetary policy would

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usually have as a main priority to avoid too high inflation, typically by adjusting interest rates. High inflation as well as deflation can lead to increased uncertainty and other negative consequences, in particular when the inflation (or deflation) is unexpected. Consequently, most central banks

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The IS curve consists of the points (combinations of income and interest rate) where investment, given the interest rate, is equal to public and private saving, given output. The IS curve is downward sloping because output and the interest rate have an inverse relationship in the goods market: as

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in 1936, gives the underpinnings of aggregate demand (itself discussed below). It answers the question "At any given price level, what is the quantity of goods demanded?" The graphic model shows combinations of interest rates and output that ensure equilibrium in both the goods and money markets

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to use. Full crowding out occurs in the extreme case when government spending simply replaces private sector output instead of adding additional output to the economy. A crowding out effect may also occur if government spending should lead to higher interest rates, which would limit investment.

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where agents were assumed to look at the recent past to make expectations about the future. Under rational expectations, agents are assumed to be more sophisticated. Consumers will not simply assume a 2% inflation rate just because that has been the average the past few years; they will look at

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when filling a job vacancy in a firm, during which the prospective worker will often be unemployed. Sectoral shifts and other reasons for a changed demand from firms for workers with particular skills and characteristics, which occur continually in a changing economy, may also cause more search

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The IS-LM model is often used in elementary textbooks to demonstrate the effects of monetary and fiscal policy, though it ignores many complexities of most modern macroeconomic models. A problem related to the LM curve is that modern central banks largely ignore the money supply in determining

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of the 1970s created a high unemployment and high inflation, Friedman and Phelps were vindicated. Monetarism was particularly influential in the early 1980s, but fell out of favor when central banks found the results disappointing when trying to target money supply instead of interest rates as

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to help stabilize output. Quantity easing can be implemented by buying not only government bonds, but also other assets such as corporate bonds, stocks, and other securities. This allows lower interest rates for a broader class of assets beyond government bonds. A similar strategy is to lower

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Since the 1970s, various environmental problems have been integrated into growth and other macroeconomic models to study their implications more thoroughly. During the oil crises of the 1970s when scarcity problems of natural resources were high on the public agenda, economists like

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policy is generally implemented by independent central banks instead of the political institutions that control fiscal policy. Independent central banks are less likely to be subject to political pressures for overly expansionary policies. Second, monetary policy may suffer shorter

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than fiscal policy. There are some exceptions, however: Firstly, in the case of a major shock, monetary stabilization policy may not be sufficient and should be supplemented by active fiscal stabilization. Secondly, in the case of a very low interest level, the economy may be in a

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that affects the impact of government spending. For instance, when the government pays for a bridge, the project not only adds the value of the bridge to output, but also allows the bridge workers to increase their consumption and investment, which helps to close the output gap.

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of Keynesian empirical models. He argued that forecasting models based on empirical relationships would keep producing the same predictions even as the underlying model generating the data changed. He advocated models based on fundamental economic theory (i.e. having an explicit

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policy, contrary to the model's basic assumptions. In some modern textbooks, consequently, the traditional IS-LM model has been modified by replacing the traditional LM curve with an assumption that the central bank simply determines the interest rate of the economy directly.

1120:(GNI), which measures total income of all residents in the economy. In most countries, the difference between GDP and GNI are modest so that GDP can approximately be treated as total income of all the inhabitants as well, but in some countries, e.g. countries with very large 1746:, expanded on this work and demonstrated other cases where various market imperfections caused inflexible prices and wages leading in turn to monetary and fiscal policy having real effects. Other researchers focused on imperferctions in labor markets, developing models of 2081:, which are generally considered to follow a strategy very close to inflation targeting, even though they do not officially label themselves as inflation targeters. In practice, an official inflation targeting often leaves room for the central bank to also help stabilize 865:

Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour

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Changes in the ten-year moving averages of price level and growth in money supply (using the measure of M2, the supply of hard currency and money held in most types of bank accounts) in the US from 1880 to 2016. Over the long run, the two series show a clear positive

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in 1933, and Lawrence Klein in 1946 used the word "macroeconomics" itself in a journal title in 1946. but naturally several of the themes which are central to macroeconomic research had been discussed by thoughtful economists and other writers long before 1936.

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Unemployment has a short-run cyclical component which depends on the business cycle, and a more permanent structural component, which can be loosely thought of as the average unemployment rate in an economy over extended periods, and which is often termed the

2014:. The actual method through which the interest rate is changed differs from central bank to central bank, but typically the implementation happens either directly via administratively changing the central bank's own offered interest rates or indirectly via 1560:) and explained how monetary policy might affect aggregate demand, at the same time offering clear policy recommendations for an active role of fiscal policy in stabilizing aggregate demand and hence output and employment. In addition, he explained how the 1761:

By the late 1990s, economists had reached a rough consensus. The market imperfections and nominal rigidities of new Keynesian theory was combined with rational expectations and the RBC methodology to produce a new and popular type of models called

1552:- by Keynes called "effective demand" - was key to determining output. Even if Keynes conceded that output might eventually return to a medium-run equilibrium (or "potential") level, the process would be slow at best. Keynes coined the term 2150:, government spending can be used to employ idle resources and boost output, or taxes could be lowered to boost private consumption which has a similar effect. Government spending or tax cuts do not have to make up for the entire 1895:

that are endogenously determined instead of the exogenous technological improvement used to explain growth in Solow's model. Another type of endogenous growth models endogenized the process of technological progress by modelling

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and a specification of underlying shocks that aim to explain the main features of macroeconomic fluctuations, not only qualitatively, but also quantitatively. In this way, they were forerunners of the later DSGE models.

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Structural policies may be labor market policies which aim to change the structural unemployment rate or policies which affect long-run propensities to save, invest, or engage in education or research and development.

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The division into various time frames of macroeconomic research leads to a parallel division of macroeconomic policies into short-run policies aimed at mitigating the harmful consequences of business cycles (known as

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in which monetary policy becomes ineffective, which makes fiscal policy the more potent tool to stabilize the economy. Thirdly, in regimes where monetary policy is tied to fulfilling other targets, in particular

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produced early work in this area by showing that monetary policy could be effective even in models with rational expectations when contracts locked in wages for workers. Other new Keynesian economists, including

1541:. He offered a new interpretation of events and a whole intellectural framework - a novel theory of economics that explained why markets might not clear, which would evolve into a school of thought known as 2182:. Automatic stabilizers use conventional fiscal mechanisms, but take effect as soon as the economy takes a downturn: spending on unemployment benefits automatically increases when unemployment rises, and 1330:

to increases in the price of the products of employers. Too little aggregate demand will have the opposite effect of creating more unemployment and lower wages, thereby decreasing inflation. Aggregate

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represents the empirical relationship between unemployment and short-run GDP growth. The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.

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under the model's assumptions. The goods market is modeled as giving equality between investment and public and private saving (IS), and the money market is modeled as giving equilibrium between the

2108:. When nominal interest rates are near zero, central banks cannot loosen monetary policy through conventional means. In that situation, they may use unconventional monetary policy such as 1621:(who was not a monetarist) proposed an "augmented" version of the Phillips curve that excluded the possibility of a stable, long-run tradeoff between inflation and unemployment. When the 2213:

regimes, the central bank cannot simultaneously adjust its interest rates to mitigate domestic business cycle fluctuations, making fiscal policy the only usable tool for such countries.

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arose to challenge the neoclassical growth theory of Ramsey and Solow. This group of models explains economic growth through factors such as increasing returns to scale for capital and

1300:. Inflation will increase when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to decreasing inflation and even in some cases deflation. 1626:

monetarists recommended, concluding that the relationships between money growth, inflation and real GDP growth are too unstable to be useful in practical monetary policy making.

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current monetary policy and economic conditions to make an informed forecast. In the new classical models with rational expectations, monetary policy only had a limited impact.

2389:. The aggregate demand curve's downward slope means that more output is demanded at lower price levels. The downward slope can be explained as the result of three effects: the 1249:

models are labor market models in which firms choose not to lower wages to the level where supply equals demand because the lower wages would lower employees' efficiency levels

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in the 1950s achieved more long-lasting success, however, and is still today a common textbook model for explaining economic growth in the long-run. The model operates with a

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the financial system and the nature of macrofinancial linkages and frictions, studying leverage, liquidity and complexity problems in the financial sector, the use of

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is a common textbook model for explaining the macroeconomy. The original version of the model shows the price level and level of real output given the equilibrium in

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In this example of a traditional IS–LM chart, the IS curve moves to the right, causing higher interest rates (i) and expansion in the "real" economy (real GDP, or Y).

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When the Great Depression struck, the reigning economists had difficulty explaining how goods could go unsold and workers could be left unemployed. In the prevailing

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is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income. The total

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may prevent the wage from falling to a market-clearing level, causing unemployment among low-skilled (and low-paid) workers. In the case of employers having some

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Nakamura and Steinsson (2018) write that macroeconomics struggles with long-term predictions, which is a result of the high complexity of the systems it studies.

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into neoclassical growth models to study the possibilities of maintaining growth in living standards under these conditions. More recently, the issue of

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developed formal Keynesian models and contributed formal theories of consumption, investment, and money demand that fleshed out the Keynesian framework.

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updated the quantity theory of money to include a role for money demand. He argued that the role of money in the economy was sufficient to explain the

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In many representations of the AD–AS model, the aggregate supply curve is horizontal at low levels of output and becomes inelastic near the point of

1420: 2416:, to raise the interest rate which will dampen economic activity, hence reducing output. The AS curve is upward sloping following a standard modern 848: 1872:

can only occur because of an increase in the capital stock, a larger population, or technological advancements that lead to higher productivity (

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would magnify a small decrease in consumption or investment and cause declines throughout the economy, and noted the role that uncertainty and

2408:. Since the economy cannot produce beyond the potential output, any AD expansion will lead to higher price levels instead of higher output. 6172: 6128: 3621:"How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates" 1127:

Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other

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It is usual to distinguish between three time horizons in macroeconomics, each having its own focus on e.g. the determination of output:

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thought, in which a higher level of economic activity lowers unemployment, leading to higher wage growth and in turn higher inflation.

6209: 4159: 1135:, are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. 2492:

This article was an opinion piece expressing despondency in the field shortly before his retirement, but it is still a good summary.

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Stabilization policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to

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Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the

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paradigm, prices and wages would drop until the market cleared, and all goods and labor were sold. Keynes in his main work, the

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diagram may be replaced by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and

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in order to keep wages over the market-clearing level for the benefice of their members even at the cost of some unemployment

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output increases, more income is saved, which means interest rates must be lower to spur enough investment to match saving.

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among the economic agents, leading among other examples to the construction of heterogeneous agent new Keynesian models (

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model from the 1940s attempted to build a long-run growth model inspired by Keynesian demand-driven considerations. The

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debates. A further important dimension is that of an economy's openness, economic theory distinguishing sharply between

4757: 4601: 2288: 2276: 1877: 1339: 519: 367: 973:, but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like 4103: 3376: 1880:, where households' savings rates are not constant as in the Solow model, but derived from an explicit intertemporal 1185:. The relationship demonstrates cyclical unemployment. High short-run GDP growth leads to a lower unemployment rate. 6846: 4692: 2502: 1790:

in the economy. After the crisis, macroeconomic researchers have turned their attention in several new directions:

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Macroeconomics as a separate field of research and study is generally recognized to start with the publication of

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the long run (e.g. a couple of decades or more): On this time scale, emphasis is on the determinants of long-run

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by a lack of job prospects are not part of the labor force and consequently not counted as unemployed, either.

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A traditional AD–AS diagram showing a shift in AD, and the AS curve becoming inelastic beyond potential output

1786:, led to major reassessment of macroeconomics, which as a field generally had neglected the potential role of 6346: 6202: 5580: 5570: 5263: 5004: 4809: 4606: 2437: 2284: 1892: 565: 372: 5791: 1974:) and medium- and long-run policies targeted at improving the structural levels of macroeconomic variables. 1197:

who do not have a job, but who are actively looking for one. People who are retired, pursuing education, or

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In particular, macroeconomic questions before Keynes were the topic of the two long-standing traditions of

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without any active decisions by politicians. Automatic stabilizers do not suffer from the policy lags of

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Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when

6132: 5708: 5398: 5388: 4752: 4735: 4611: 2548: 2292: 1821: 1795: 1767: 514: 497: 377: 3295: 2166:. When the government takes on spending projects, it limits the amount of resources available for the 1770:. These models are now used by many central banks and are a core part of contemporary macroeconomics. 6501: 6229: 5278: 4633: 3620: 3164: 2845: 2450: 2260: 1873: 1579:. By the 1950s, most economists had accepted the synthesis view of the macroeconomy. Economists like 1181:

A chart using US data showing the relationship between economic growth and unemployment expressed by

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are instruments that may influence the economy's structures and hence also the medium-run equilibrium

399: 6834: 6682: 6672: 6469: 6195: 6162: 6108: 5851: 5806: 5645: 5516: 5393: 4835: 4797: 4623: 2737: 2163: 1897: 1888: 1509:. In the first decades of the 20th century monetary theory was dominated by the eminent economists 1494: 1353: 1327: 1234:(also called frictional unemployment) occurs when workers and firms are heterogeneous and there is 588: 553: 389: 5866: 4090:

Peston, Maurice (2002). "IS-LM model: closed economy". In Snowdon, Brian; Vane, Howard R. (eds.).

3919: 2299:(CGE) models used for medium-term (structural) questions like international trade or tax reforms, 1637:

further challenged the Keynesian school. A central development in new classical thought came when

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long-term interest rates by buying long-term bonds and selling short-term bonds to create a flat

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tanks and international organisations to predict effects of changes in economic policy or other

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decrease, which shelters private income and consumption from part of the fall in market income.

1498: 6754: 6474: 6302: 5986: 5831: 5691: 5634: 5590: 5553: 5303: 5243: 5218: 5188: 5161: 5051: 4785: 4591: 4586: 4571: 4538: 4396: 3426:"An International Perspective on Monetary Policy Implementation Systems | Bulletin – June 2022" 2015: 1958: 1926: 1810: 1576: 1530: 1490: 1343: 1109: 1057: 890: 790: 541: 357: 352: 337: 304: 163: 4061: 6677: 6667: 6629: 6602: 6564: 6537: 6447: 6356: 6275: 6265: 6118: 5801: 5776: 5761: 5735: 5674: 5353: 5293: 5273: 5268: 4879: 4854: 4747: 4676: 4401: 4364: 4342: 4337: 4052:

Mayer, Thomas (2002). "Monetary policy: role of". In Snowdon, Brian; Vane, Howard R. (eds.).

3996: 2175: 2078: 2042: 1799: 1787: 1710: 1646: 1642: 1424: 1235: 1117: 934: 630: 605: 509: 442: 168: 131: 109: 104: 1766:(DSGE) models. The fusion of elements from different schools of thought has been dubbed the 6624: 6464: 6437: 6432: 6329: 6167: 5871: 5615: 5585: 5538: 5501: 5427: 5378: 5343: 5283: 5248: 5183: 5166: 4792: 4596: 4440: 4132:

Solow, Robert (2002). "Neoclassical growth model". In Snowdon, Brian; Vane, Howard (eds.).

2455: 2346: 2272: 2245: 2179: 1978: 1971: 1856: 1835: 1828:), which may potentially also improve understanding of the impact of macroeconomics on the 1713:, which would not adjust, allowing monetary policy to impact quantities instead of prices. 1681: 1553: 1538: 1072: 1041: 990: 548: 362: 207: 5116: 4237: 3109: 2908:"Phillips Curve: The Concise Encyclopedia of Economics | Library of Economics and Liberty" 1193:

in an economy is measured by the unemployment rate, i.e. the percentage of persons in the

8: 6804: 6798: 6724: 6639: 6584: 6459: 6324: 6270: 6097: 5906: 5725: 5625: 5605: 5565: 5521: 5506: 5462: 5403: 5328: 5318: 5288: 5211: 5019: 4884: 4708: 4666: 4406: 4369: 4079: 3063: 2479: 2236: 2222: 2210: 2140: 2109: 2090: 2070: 1868: 1829: 1685: 1674: 1622: 1542: 1459: 1445: 1412: 1372: 1335: 1231: 1177: 1160: 1128: 964: 930: 758: 635: 470: 432: 173: 136: 5766: 5198: 4844: 4037:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. 3864:

Blaug, Mark (2002). "Endogenous growth theory". In Snowdon, Brian; Vane, Howard (eds.).

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Despite criticism of the realism in the RBC models, they have been very influential in

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activities by profit-maximizing firms explicitly within the growth models themselves.

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understanding the implications of integrating the findings of the increasingly useful

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and international relocation of firms (physical capital). It explores what determines

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Department, International Monetary Fund Monetary and Capital Markets (26 July 2023).

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Macroeconomic teaching, research and informed debates normally evolve around formal (

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because higher inflation will cause the central bank, which is assumed to follow an

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regime, aligning their currency with one or more foreign currencies, typically the

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reasonable approximation to take them as given in a medium-term time scale, though

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The Macroeconomic Environment of Business (Core Concepts and Curious Connections)

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Glandon, P. J.; Kuttner, Ken; Mazumder, Sandeep; Stroup, Caleb (September 2023).

2405: 2378: 2264: 2256: 2252: 2118: 2074: 2002: 1918: 1848: 1783: 1747: 1731: 1714: 1670: 1603: 1510: 1486: 1388: 1380: 1307: 1267: 1255:, which are important actors in the labor market in some countries, may exercise 1246: 1068: 1045: 957: 894: 822: 725: 685: 665: 531: 332: 327: 322: 289: 261: 121: 4192:(Third ed.). Oxford, United Kingdom New York, NY: Oxford University Press. 3987:

Healey, Nigel M. (2002). "AD-AS model". In Snowdon, Brian; Vane, Howard (eds.).

3477:"Federal Reserve Board - Monetary Policy: What Are Its Goals? How Does It Work?" 1013: 877:

that deals with the performance, structure, behavior, and decision-making of an

861: 6859: 6707: 6619: 6614: 6371: 6287: 6218: 6091: 6076: 6041: 6026: 6006: 5976: 5796: 5447: 5124: 5041: 4944: 4939: 4581: 4430: 4386: 4304: 3931: 3900: 2445: 2417: 2268: 2205: 2167: 2105: 2011: 1930: 1718: 1654: 1614: 1580: 1482: 1416: 1323: 1224: 1136: 1033: 949: 941: 780: 695: 690: 347: 197: 153: 71: 46: 20: 5826: 4864: 2787:"The Effects of Minimum Wages on Employment: Theory and Evidence from Britain" 1326:

because of a tight labor market leading to large wage increases which will be

1314:

Changes in the inflation level may be the result of several factors. Too much

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Natural resources flow through the economy and end up as waste and pollution.

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holds that changes in the price level are directly caused by changes in the

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MC Compendium Monetary policy frameworks and central bank market operations

2390: 2342: 2228: 2034: 2007: 1949:, the economic system is dependant upon the environment. In this case, the 1922: 1860: 1852: 1755: 1727: 1662:) that would, in principle, be structurally accurate as economies changed. 1592: 1557: 1368: 1357: 1331: 1303: 1263: 1256: 1252: 1190: 1172: 1156: 1007: 898: 810: 735: 680: 640: 427: 299: 266: 256: 214: 91: 86: 3556: 2251:

Well-known specific theoretical models include short-term models like the

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in 1936. The terms "macrodynamics" and "macroanalysis" were introduced by

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and employment, a strategy known as "flexible inflation targeting". Most

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only lead to price changes. New Keynesian models investigated sources of

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is considered the initiator of macroeconomics when he published his work

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Glandon, P. J., Ken Kuttner, Sandeep Mazumder, and Caleb Stroup. 2023. "

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Conventional monetary policy can be ineffective in situations such as a

2066:

on exchange rate dynamics are major tools to control the exchange rate.

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Annual Report on Exchange Arrangements and Exchange Restrictions 2022

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Environmental and Natural Resource Economics: A Contemporary Approach

2995: 2509:. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 57. 2333: 2094: 1982: 1293: 1289: 1148: 1140: 910: 874: 768: 610: 241: 126: 81: 3033: 5600: 2802: 2232: 1571:

The generation following Keynes combined the macroeconomics of the

6854: 6187: 2369: 1346:, creating a self-fulfilling inflationary or deflationary spiral. 1311:

aim for a positive, but stable and not very high inflation level.

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Modern Macroeconomics: Its Origins, Development And Current State

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Dickens, Richard; Machin, Stephen; Manning, Alan (January 1999).

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to macroeconomics. Prior to Lucas, economists had generally used

878: 4060:. Northampton, Massachusetts: Edward Elgar Publishing. pp. 3995:. Northampton, Massachusetts: Edward Elgar Publishing. pp. 3018:"The New Neoclassical Synthesis and the Role of Monetary Policy" 4190:

Introducing advanced macroeconomics: growth and business cycles

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The effects of fiscal policy can be limited by partial or full

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Research in the economics of the determinants behind long-run

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relationship between inflation and unemployment. Friedman and

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Following Lucas's critique, new classical economists, led by

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A general price increase across the entire economy is called

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of human and physical capital, technological innovations and

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Sørensen, Peter Birch; Whitta-Jacobsen, Hans Jørgen (2022).

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The role of imperfect competition in new Keynesian economics

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in economics, using improved methods to distinguish between

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was one of the pioneers of the first tradition, whereas the

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Hassler, J.; Krusell, P.; Smith, A. A. (1 January 2016).

2136: 1270:, however, employment effects may have the opposite sign. 1079:. Potential policies to influence these developments are 3758: 3748: 3746: 3731: 3195:"Behavioural economics is also useful in macroeconomics" 2846:"The quantity theory of money in historical perspective" 1342:. Changes in inflation may also impact the formation of 4187: 4140:. Northampton, Massachusetts: Edward Elgar Publishing. 3872:. Northampton, Massachusetts: Edward Elgar Publishing. 3790: 3788: 3775: 3773: 3336: 3312: 2324: 2010:

conduct monetary policy mainly by adjusting short-term

3165:"Macroeconomics with Heterogeneity: A Practical Guide" 2501: 1754:(SAM) models, or imperfections in credit markets like 3926:(2nd ed.). Palgrave Macmillan. pp. 585–91. 3849:(Eighth, global ed.). Harlow, England: Pearson. 3743: 3557:"Flexible inflation targeting in theory and practice" 1838:

literature into macroeconomics and behavioral finance

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The General Theory of Employment, Interest, and Money

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The General Theory of Employment, Interest, and Money

3922:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). 3891:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). 3785: 3770: 3455:. Bank for International Settlements. October 2019. 3324: 2825: 2784: 2427: 970:

The General Theory of Employment, Interest and Money

3354: 2146:For example, if the economy is producing less than 1903: 4208: 4133: 4091: 4053: 3988: 3865: 2484:"Goodbye, readers, and good luck — you'll need it" 2135:Fiscal policy is the use of government's revenue ( 2069:In developed countries, most central banks follow 1296:. Economists measure these changes in prices with 989:have made contributions to the development of the 881:as a whole. This includes national, regional, and 3500: 3498: 1524: 1421:Economic and Monetary Union of the European Union 1147:that prevent economies from slipping into either 6884: 4154:Snowdon, Brian, and Howard R. Vane, ed. (2002). 3481:Board of Governors of the Federal Reserve System 1545:, also called Keynesianism or Keynesian theory. 3618: 3193:Ji, Yuemei; De Grauwe, Paul (1 November 2017). 1575:with neoclassical microeconomics to create the 1124:(or debt), the difference may be considerable. 996: 3918:Durlauf, Steven N.; Hester, Donald D. (2008). 3495: 3015: 2937:Canadian Public Policy / Analyse de Politiques 1556:(his preferred name for what is also known as 1371:macroeconomics deals with the consequences of 1363: 1032:the short run (e.g. a few years): Focus is on 6203: 5093: 4263: 4117:(Fifth ed.). New York, NY: McGraw-Hill. 3917: 3725: 3648: 3410: 3408: 3363:. Vol. 2. Elsevier. pp. 1893–2008. 2089:focus their monetary policy on maintaining a 1773: 1613:Friedman also challenged the original simple 1403:and over longer horizons the accumulation of 842: 3469: 3016:Goodfriend, Marvin; King, Robert G. (1997). 2856:. KOF Swiss Economic Institute, ETH Zurich. 2615: 2613: 2611: 2609: 2607: 2605: 2603: 2601: 2599: 2597: 2595: 2593: 2591: 2589: 2587: 1820:interest in understanding the importance of 1139:can cause short-term drops in output called 4168: 4018:. New Jersey: World Scientific Publishing. 3523: 3424:Baker, Nick; Rafter, Sally (16 June 2022). 3423: 3357:"Chapter 24 - Environmental Macroeconomics" 3192: 2585: 2583: 2581: 2579: 2577: 2575: 2573: 2571: 2569: 2567: 2542: 1243:unemployment because of increased mismatch. 6210: 6196: 5100: 5086: 4270: 4256: 4078:Nakamura, Emi and Jón Steinsson. (2018). " 3895:. Palgrave Macmillan UK. pp. 236–44. 3584: 3405: 3392: 3296:"The Neoclassical Growth Theory Explained" 3219: 3110:"Macroeconomic Research, Present and Past" 2930: 2671: 2669: 2667: 2665: 2663: 2661: 2659: 2657: 2655: 2653: 2174:Some fiscal policy is implemented through 1629: 1501:and later discussed by personalities like 1274: 1223:all have their foundation in some kind of 849: 835: 4238:Macroeconomic Research, Present and Past. 3844: 3649:Arestis, Philip; Sawyer, Malcolm (2003). 3068:American Economic Journal: Macroeconomics 2948: 2884: 2882: 2880: 2878: 2723: 2721: 2719: 2717: 2478: 2143:as instruments to influence the economy. 1696: 1144: 4169:Snowdon, Brian; Vane, Howard R. (2005). 3924:The New Palgrave Dictionary of Economics 3893:The New Palgrave Dictionary of Economics 3889:"Macroeconomics, origins and history of" 3685:The New Palgrave Dictionary of Economics 3658:Levy Economics Institute of Bard College 3619:Hancock, Diana; Passmore, Wayne (2014). 3263:The New Palgrave Dictionary of Economics 3228:. Palgrave Macmillan UK. pp. 1–11. 3226:The New Palgrave Dictionary of Economics 3061: 2564: 2536: 2368: 2323: 2190:Comparison of fiscal and monetary policy 1907: 1440: 1423:, drawing on the research literature on 1278: 1176: 1012: 860: 3967: 3948: 3687:. Palgrave Macmillan UK. pp. 1–3. 3531:"Inflation Targeting: Holding the Line" 3265:. Palgrave Macmillan UK. pp. 1–5. 2650: 2643: 2641: 2639: 2637: 2635: 2633: 2631: 2629: 2627: 2625: 2271:, and long-term growth models like the 2216: 1964: 1411:and the pros and cons of maintaining a 885:. Macroeconomists study topics such as 6885: 4392:Measures of national income and output 4089: 4032: 3986: 3886: 3794: 3779: 3764: 3752: 3737: 3678: 3554: 3220:Howitt, Peter; Weil, David N. (2016). 3174:. National Bureau of Economic Research 2875: 2831: 2714: 2301:Dynamic stochastic general equilibrium 1764:dynamic stochastic general equilibrium 1108:of the economy is usually measured as 159:Measures of national income and output 6191: 5081: 4251: 4206: 4131: 4112: 4051: 3863: 3342: 3330: 3318: 3256: 3201:. Centre for Economic Policy Research 2843: 2837: 2759: 1985:or contractive policy in the case of 1334:will also affect inflation, e.g. the 1238:, generally causing a time-consuming 6841: 4013: 2675:Sørensen and Whitta-Jacobsen (2022). 2622: 2287:. Quantitative models include early 1817:to improve future policy discussions 1407:. An important topic is the role of 1209:or structural rate of unemployment. 1095: 6217: 5177:Agent-based computational economics 4211:Knowledge and the Wealth of Nations 3578: 3566:. Bank of International Settlements 3417: 3162: 1684:by providing the first examples of 13: 4277: 4230: 3293: 3147: 3062:Woodford, Michael (January 2009). 2314: 2289:large-scale macroeconometric model 1996: 1322:, raising inflation rates via the 14: 6904: 4162:& scroll to Contents-preview 4156:An Encyclopedia of Macroeconomics 4136:An Encyclopedia of Macroeconomics 4094:An Encyclopedia of Macroeconomics 4080:Identification in Macroeconomics. 4056:An Encyclopedia of Macroeconomics 4033:Mankiw, Nicholas Gregory (2022). 3991:An Encyclopedia of Macroeconomics 3951:Macroeconomics: theory and policy 3868:An Encyclopedia of Macroeconomics 1851:has followed its own course. The 1537:, initiated what is known as the 1292:. When prices decrease, there is 991:macroeconomic research mainstream 6864: 6853: 6840: 6829: 6828: 5635:neoclassical–Keynesian synthesis 5064: 5063: 4084:Journal of Economic Perspectives 3693:10.1057/978-1-349-95121-5_2434-1 3271:10.1057/978-1-349-95121-5_1267-1 3234:10.1057/978-1-349-95121-5_2314-1 2430: 2357:incipient rise in money demand. 2124: 1957:which are then used as units of 1904:Environmental and climate issues 1842: 1476: 1437:History of macroeconomic thought 816: 804: 45: 6783:List of social science journals 3953:. New Delhi: Tata McGraw-Hill. 3672: 3642: 3612: 3591:. International Monetary Fund. 3548: 3440: 3348: 3287: 3250: 3213: 3186: 3156: 3101: 3055: 3009: 3000: 2981: 2931:Williamson, Stephen D. (2020). 2924: 2900: 2891: 2778: 2753: 2744: 2730: 2705: 2507:Economics: Principles in Action 2025:, interest rate changes affect 2023:monetary transmission mechanism 1166: 1052:are relevant in this time frame 6740:Science and technology studies 5025:Publications in macroeconomics 4242:Journal of Economic Literature 3555:Ingves, Stefan (12 May 2011). 3114:Journal of Economic Literature 2687: 2678: 2523: 2505:; Sheffrin, Steven M. (2003). 2495: 2472: 2395:Keynes or interest rate effect 2364: 2349:(equivalent to money demand). 2319: 2297:computable general equilibrium 2263:, medium-term models like the 1525:Keynes and Keynesian economics 1430: 1340:2021–2023 global energy crisis 1215:occurs when growth stagnates. 764:Publications in macroeconomics 16:Study of an economy as a whole 1: 5571:Critique of political economy 5107: 5005:Critique of political economy 3972:. Pearson Education Limited. 3833:Blanchard, Olivier. (2009). " 3803: 3369:10.1016/bs.hesmac.2016.04.007 2844:Graff, Michael (April 2008). 2545:Economic theory in retrospect 2531:Notes on Macroeconomic Theory 2438:Business and economics portal 2285:overlapping generations model 1945:. In macroeconomic models in 1598: 1318:in the economy will cause an 1199:discouraged from seeking work 1023: 1018:Circulation in macroeconomics 893:(gross domestic product) and 3506:"Fixed exchange rate policy" 2391:Pigou or real balance effect 1939:integrated assessment models 1635:New classical macroeconomics 1116:from abroad to GDP produces 1036:fluctuations and changes in 997:Basic macroeconomic concepts 7: 4173:. Edward Elgar Publishing. 3845:Blanchard, Olivier (2021). 3681:"Macroeconomic Forecasting" 3651:"Reinventing fiscal policy" 3535:International Monetary Fund 3428:. Reserve Bank of Australia 3402:. Houghton Mifflin Company. 3259:"Harrod–Domar Growth Model" 2933:"The Role of Central Banks" 2423: 2180:discretionary fiscal policy 1933:and the possibilities of a 1364:Open economy macroeconomics 1240:search and matching process 1131:, and better education and 10: 6909: 5709:Real business-cycle theory 4753:New neoclassical synthesis 4736:Real business-cycle theory 3932:10.1057/9780230226203.0855 3901:10.1057/9780230226203.1009 3887:Dimand, Robert W. (2008). 3839:Annual Review of Economics 3361:Handbook of Macroeconomics 3022:NBER Macroeconomics Annual 2791:Journal of Labor Economics 2762:"Involuntary unemployment" 2549:Cambridge University Press 2293:real business cycle models 2277:Ramsey–Cass–Koopmans model 2220: 2128: 2000: 1937:are examined in so-called 1780:2007–2008 financial crisis 1774:2007–2008 financial crisis 1768:new neoclassical synthesis 1434: 1170: 515:New neoclassical synthesis 498:Real business-cycle theory 18: 6824: 6791: 6775: 6522: 6248: 6225: 6149: 6107: 5749: 5483: 5232: 5197: 5115: 5061: 5011: 4999: 4833: 4767: 4700: 4691: 4653: 4548: 4510: 4285: 3968:Gärtner, Manfred (2006). 3824:Resources in your library 3726:Durlauf & Hester 2008 2451:Business cycle accounting 2404:, which corresponds with 2244:or as a basis for making 1874:total factor productivity 1815:correlation and causality 1809:as part of the so-called 1690:microeconomic foundations 1568:can play in the economy. 4758:Saltwater and freshwater 3679:Watson, Mark W. (2016). 3660:(Working Paper, No. 381) 2897:Snowdon and Vane (2005). 2862:10.3929/ethz-a-005582276 2466: 1898:research and development 1889:endogenous growth theory 1660:microeconomic foundation 1495:quantity theory of money 1354:quantity theory of money 1155:and that lead to higher 1040:which often drive them. 987:new Keynesian economists 520:Saltwater and freshwater 19:Not to be confused with 6428:international relations 5349:Industrial organization 5172:Computational economics 4682:International economics 4607:Overlapping generations 4115:Advanced macroeconomics 1951:circular flow of income 1947:environmental economics 1935:sustainable development 1927:non-renewable resources 1887:In the 1980s and 1990s 1707:sticky prices and wages 1630:New classical economics 1336:oil crises of the 1970s 1275:Inflation and deflation 1083:, incentives to change 448:International economics 373:Overlapping generations 6755:Quantum social science 5554:Modern monetary theory 5219:Experimental economics 5189:Pluralism in economics 5162:Mathematical economics 5052:Mathematical economics 4786:Modern monetary theory 4539:Universal basic income 4014:Levi, Maurice (2014). 3949:Dwivedi, D.N. (2001). 3628:www.federalreserve.gov 3257:Eltis, Walter (2016). 2374: 2329: 2016:open market operations 1955:environmental services 1913: 1811:credibility revolution 1805:increased emphasis on 1798:and the dangers of an 1788:financial institutions 1697:New Keynesian response 1577:neoclassical synthesis 1531:neoclassical economics 1491:William Stanley Jevons 1455: 1425:optimum currency areas 1344:inflation expectations 1285: 1186: 1145:macroeconomic policies 1143:. Economists look for 1110:gross domestic product 1058:labour market policies 1042:Stabilization policies 1020: 867: 791:Mathematical economics 542:Modern monetary theory 305:Universal basic income 6792:Other categorizations 6645:International studies 6630:History of technology 6565:Communication studies 6448:public administration 4880:Wesley Clair Mitchell 4855:Thomas Robert Malthus 4677:Development economics 4207:Warsh, David (2006). 4113:Romer, David (2019). 2372: 2327: 2305:integrated assessment 2261:Mundell–Fleming model 2221:Further information: 2176:automatic stabilizers 2129:Further information: 2117:, known in the US as 2079:European Central Bank 2001:Further information: 1979:stabilize the economy 1911: 1796:macroprudential tools 1711:imperfect competition 1647:adaptive expectations 1643:rational expectations 1483:business cycle theory 1444: 1282: 1236:imperfect information 1213:Cyclical unemployment 1180: 1118:gross national income 1016: 935:international finance 864: 631:Wesley Clair Mitchell 606:Thomas Robert Malthus 443:Development economics 6625:Historical sociology 5428:Social choice theory 5184:Behavioral economics 5167:Complexity economics 4602:Ramsey–Cass–Koopmans 4441:Liquidity preference 4244:, 61 (3): 1088-1126. 3126:10.1257/jel.20211609 2950:10.3138/cpp.2019-058 2543:Blaug, Mark (1985), 2456:Economic development 2347:liquidity preference 2291:, the new classical 2246:economic forecasting 2237:macroeconomic models 2217:Macroeconomic models 1972:stabilization policy 1965:Macroeconomic policy 1863:and, independently, 1836:behavioral economics 1682:economic methodology 1655:influential critique 1554:liquidity preference 1539:Keynesian revolution 1499:Martín de Azpilcueta 368:Ramsey–Cass–Koopmans 208:Liquidity preference 6805:Geisteswissenschaft 6799:Behavioral sciences 6725:Political sociology 6640:Information science 6585:Development studies 5512:American (National) 5212:Economic statistics 5020:Macroeconomic model 4885:John Maynard Keynes 4667:Economic statistics 4612:General equilibrium 3080:10.1257/mac.1.1.267 2760:Pettinger, Tejvan. 2488:The Washington Post 2336:model, invented by 2223:Macroeconomic model 2211:fixed exchange rate 2110:quantitative easing 2091:fixed exchange rate 2071:inflation targeting 1878:Ramsey growth model 1869:production function 1830:income distribution 1782:, which led to the 1752:search and matching 1686:general equilibrium 1675:real business cycle 1653:Lucas also made an 1548:In Keynes' theory, 1543:Keynesian economics 1460:John Maynard Keynes 1446:John Maynard Keynes 1413:fixed exchange rate 1373:international trade 1232:Search unemployment 1161:standards of living 1077:demographic changes 965:John Maynard Keynes 940:Macroeconomics and 931:international trade 823:Business portal 759:Macroeconomic model 636:John Maynard Keynes 433:Economic statistics 378:General equilibrium 6860:Society portal 6347:auxiliary sciences 4960:Edward C. Prescott 4672:Monetary economics 3835:The State of Macro 3767:, pp. 387–88. 3740:, pp. 386–87. 3398:Harris J. (2006). 3345:, pp. 202–03. 3321:, pp. 518–19. 3294:Banton, Caroline. 2850:Kof Working Papers 2529:Steve Williamson, 2503:O'Sullivan, Arthur 2375: 2330: 2267:, building upon a 2087:emerging economies 1914: 1667:Edward C. Prescott 1456: 1405:net foreign assets 1286: 1187: 1122:net foreign assets 1112:(GDP). Adding net 1062:competition policy 1021: 903:unemployment rates 868: 711:Edward C. Prescott 438:Monetary economics 6880: 6879: 6720:Political economy 6715:Political ecology 6570:Community studies 6560:Cognitive science 6523:Interdisciplinary 6423:Political science 6185: 6184: 5716:New institutional 5075: 5074: 5047:Political economy 4990:N. Gregory Mankiw 4980:Thomas J. Sargent 4829: 4828: 4820:Market monetarism 4624:Endogenous growth 4453:National accounts 4222:978-0-393-05996-0 4199:978-0-19-885049-6 4124:978-1-260-18521-8 4071:978-1-84542-180-9 4044:978-1-319-26390-4 4025:978-981-4304-34-4 4006:978-1-84542-180-9 3979:978-0-273-70460-7 3960:978-0-07-058841-7 3941:978-0-333-78676-5 3910:978-0-333-78676-5 3879:978-1-84542-180-9 3856:978-0-134-89789-9 3810:Library resources 3702:978-1-349-95121-5 3630:. Federal Reserve 3598:979-8-4002-3526-9 3462:978-92-9259-298-1 3280:978-1-349-95121-5 3243:978-1-349-95121-5 3222:"Economic Growth" 3006:Blanchard (2009). 2992:Surfing Economics 2699:. Number 4. 2010" 2697:Economic Synopses 2619:Blanchard (2021). 2558:978-0-521-31644-6 2516:978-0-13-063085-8 2480:Samuelson, Robert 2461:Growth accounting 2242:exogenous factors 2156:multiplier effect 1893:learning-by-doing 1724:Olivier Blanchard 1585:Franco Modigliani 1562:multiplier effect 1415:system or even a 1096:Output and income 1081:education reforms 859: 858: 786:Political economy 741:N. Gregory Mankiw 731:Thomas J. Sargent 576:Market monetarism 390:Endogenous growth 220:National accounts 6900: 6868: 6858: 6857: 6844: 6843: 6832: 6831: 6735:Regional science 6580:Cultural studies 6555:Business studies 6212: 6205: 6198: 6189: 6188: 5389:Natural resource 5224:Economic history 5150:Mechanism design 5102: 5095: 5088: 5079: 5078: 5067: 5066: 4970:William Nordhaus 4955:Robert Lucas Jr. 4845:François Quesnay 4698: 4697: 4465:Nominal rigidity 4436:Demand for money 4414:Microfoundations 4350:Financial crisis 4330:Effective demand 4300:Aggregate supply 4295:Aggregate demand 4272: 4265: 4258: 4249: 4248: 4226: 4214: 4203: 4184: 4151: 4139: 4128: 4109: 4098:. Edward Elgar. 4097: 4075: 4059: 4048: 4029: 4010: 3994: 3983: 3964: 3945: 3914: 3883: 3871: 3860: 3798: 3792: 3783: 3777: 3768: 3762: 3756: 3750: 3741: 3735: 3729: 3723: 3714: 3713: 3711: 3709: 3676: 3670: 3669: 3667: 3665: 3655: 3646: 3640: 3639: 3637: 3635: 3625: 3616: 3610: 3609: 3607: 3605: 3582: 3576: 3575: 3573: 3571: 3561: 3552: 3546: 3545: 3543: 3541: 3527: 3521: 3520: 3518: 3516: 3502: 3493: 3492: 3490: 3488: 3473: 3467: 3466: 3454: 3444: 3438: 3437: 3435: 3433: 3421: 3415: 3412: 3403: 3396: 3390: 3389: 3387: 3385: 3352: 3346: 3340: 3334: 3328: 3322: 3316: 3310: 3309: 3307: 3306: 3291: 3285: 3284: 3254: 3248: 3247: 3217: 3211: 3210: 3208: 3206: 3190: 3184: 3183: 3181: 3179: 3169: 3163:Guvenen, Fatih. 3160: 3154: 3151: 3145: 3144: 3142: 3140: 3120:(3): 1088–1126. 3105: 3099: 3098: 3096: 3094: 3059: 3053: 3052: 3050: 3048: 3013: 3007: 3004: 2998: 2985: 2979: 2978: 2952: 2928: 2922: 2921: 2919: 2918: 2904: 2898: 2895: 2889: 2886: 2873: 2872: 2870: 2868: 2841: 2835: 2829: 2823: 2822: 2782: 2776: 2775: 2773: 2772: 2757: 2751: 2750:Dwivedi, 444–45. 2748: 2742: 2741: 2738:"Freeman (2008)" 2734: 2728: 2725: 2712: 2709: 2703: 2702: 2691: 2685: 2684:Dwivedi, 445–46. 2682: 2676: 2673: 2648: 2645: 2620: 2617: 2562: 2561: 2540: 2534: 2527: 2521: 2520: 2499: 2493: 2491: 2476: 2440: 2435: 2434: 2414:inflation target 2402:potential output 2387:aggregate supply 2383:aggregate demand 2148:potential output 2059:aggregate demand 1943:William Nordhaus 1882:utility function 1857:Solow–Swan model 1748:efficiency wages 1744:Michael Woodford 1688:models based on 1608:Great Depression 1550:aggregate demand 1401:balance of trade 1381:financial assets 1316:aggregate demand 1038:aggregate demand 1004:closed economies 883:global economies 851: 844: 837: 821: 820: 811:Money portal 809: 808: 807: 721:William Nordhaus 706:Robert Lucas Jr. 596:François Quesnay 232:Nominal rigidity 203:Demand for money 181:Microfoundations 117:Financial crisis 97:Effective demand 67:Aggregate supply 62:Aggregate demand 49: 26: 25: 6908: 6907: 6903: 6902: 6901: 6899: 6898: 6897: 6883: 6882: 6881: 6876: 6852: 6820: 6787: 6771: 6745:Science studies 6529:Administration 6518: 6244: 6221: 6219:Social sciences 6216: 6186: 6181: 6178:Business portal 6145: 6144: 6143: 6103: 5867:von Böhm-Bawerk 5755: 5754: 5745: 5517:Ancient thought 5495: 5494: 5488: 5479: 5478: 5477: 5228: 5193: 5145:Contract theory 5130:Decision theory 5111: 5106: 5076: 5071: 5057: 5056: 5055: 5007: 4995: 4994: 4993: 4975:Joseph Stiglitz 4935:Milton Friedman 4915:Friedrich Hayek 4836:macroeconomists 4825: 4824: 4823: 4763: 4762: 4761: 4687: 4686: 4685: 4649: 4648: 4647: 4634:Mundell–Fleming 4629:Matching theory 4567:Keynesian cross 4544: 4543: 4542: 4506: 4505: 4504: 4281: 4276: 4233: 4231:Further reading 4223: 4200: 4181: 4148: 4125: 4106: 4072: 4045: 4026: 4007: 3980: 3961: 3942: 3911: 3880: 3857: 3830: 3829: 3828: 3818: 3817: 3813: 3806: 3801: 3793: 3786: 3778: 3771: 3763: 3759: 3751: 3744: 3736: 3732: 3724: 3717: 3707: 3705: 3703: 3677: 3673: 3663: 3661: 3653: 3647: 3643: 3633: 3631: 3623: 3617: 3613: 3603: 3601: 3599: 3583: 3579: 3569: 3567: 3559: 3553: 3549: 3539: 3537: 3529: 3528: 3524: 3514: 3512: 3504: 3503: 3496: 3486: 3484: 3475: 3474: 3470: 3463: 3452: 3446: 3445: 3441: 3431: 3429: 3422: 3418: 3413: 3406: 3397: 3393: 3383: 3381: 3379: 3353: 3349: 3341: 3337: 3329: 3325: 3317: 3313: 3304: 3302: 3292: 3288: 3281: 3255: 3251: 3244: 3218: 3214: 3204: 3202: 3191: 3187: 3177: 3175: 3167: 3161: 3157: 3152: 3148: 3138: 3136: 3106: 3102: 3092: 3090: 3060: 3056: 3046: 3044: 3034:10.2307/3585232 3014: 3010: 3005: 3001: 2990:, Chapter 4 of 2986: 2982: 2929: 2925: 2916: 2914: 2912:www.econlib.org 2906: 2905: 2901: 2896: 2892: 2887: 2876: 2866: 2864: 2842: 2838: 2830: 2826: 2783: 2779: 2770: 2768: 2758: 2754: 2749: 2745: 2736: 2735: 2731: 2726: 2715: 2710: 2706: 2693: 2692: 2688: 2683: 2679: 2674: 2651: 2646: 2623: 2618: 2565: 2559: 2541: 2537: 2528: 2524: 2517: 2500: 2496: 2477: 2473: 2469: 2436: 2429: 2426: 2406:full employment 2367: 2322: 2317: 2315:Specific models 2295:, microfounded 2253:Keynesian cross 2225: 2219: 2192: 2133: 2127: 2119:Operation Twist 2075:Federal Reserve 2005: 2003:Monetary policy 1999: 1997:Monetary policy 1967: 1941:, pioneered by 1919:Joseph Stiglitz 1906: 1849:economic growth 1845: 1784:Great Recession 1776: 1732:Julio Rotemberg 1715:Stanley Fischer 1699: 1671:Finn E. Kydland 1632: 1604:Milton Friedman 1601: 1527: 1511:Alfred Marshall 1487:monetary theory 1479: 1439: 1433: 1389:labor migration 1366: 1308:monetary policy 1304:Central bankers 1277: 1268:monopsony power 1247:Efficiency wage 1175: 1169: 1137:Business cycles 1098: 1087:or to increase 1069:economic growth 1046:monetary policy 1026: 999: 958:monetary policy 895:national income 873:is a branch of 855: 815: 805: 803: 796: 795: 754: 746: 745: 726:Joseph Stiglitz 686:Milton Friedman 666:Friedrich Hayek 591: 581: 580: 463: 453: 452: 423: 415: 414: 400:Mundell–Fleming 395:Matching theory 333:Keynesian cross 318: 310: 309: 280: 272: 271: 57: 24: 17: 12: 11: 5: 6906: 6896: 6895: 6893:Macroeconomics 6878: 6877: 6875: 6874: 6862: 6850: 6838: 6825: 6822: 6821: 6819: 6818: 6813: 6808: 6801: 6795: 6793: 6789: 6788: 6786: 6785: 6779: 6777: 6773: 6772: 6770: 6769: 6764: 6759: 6758: 6757: 6752: 6742: 6737: 6732: 6727: 6722: 6717: 6712: 6711: 6710: 6705: 6700: 6692: 6691: 6690: 6688:social science 6685: 6680: 6675: 6670: 6662: 6657: 6652: 6647: 6642: 6637: 6632: 6627: 6622: 6620:Global studies 6617: 6615:Gender studies 6612: 6607: 6606: 6605: 6600: 6598:social science 6594:Environmental 6592: 6587: 6582: 6577: 6572: 6567: 6562: 6557: 6552: 6547: 6542: 6541: 6540: 6535: 6526: 6524: 6520: 6519: 6517: 6516: 6515: 6514: 6509: 6504: 6499: 6494: 6484: 6483: 6482: 6477: 6472: 6467: 6462: 6452: 6451: 6450: 6445: 6440: 6435: 6430: 6420: 6419: 6418: 6408: 6407: 6406: 6401: 6396: 6391: 6386: 6376: 6375: 6374: 6369: 6364: 6359: 6354: 6349: 6344: 6334: 6333: 6332: 6327: 6322: 6317: 6307: 6306: 6305: 6300: 6295: 6293:macroeconomics 6290: 6288:microeconomics 6280: 6279: 6278: 6273: 6268: 6263: 6252: 6250: 6246: 6245: 6243: 6242: 6237: 6232: 6226: 6223: 6222: 6215: 6214: 6207: 6200: 6192: 6183: 6182: 6180: 6175: 6170: 6165: 6160: 6155: 6150: 6147: 6146: 6142: 6141: 6136: 6126: 6121: 6115: 6114: 6113: 6111: 6105: 6104: 6102: 6101: 6094: 6089: 6084: 6079: 6074: 6069: 6064: 6059: 6054: 6049: 6044: 6039: 6034: 6029: 6024: 6019: 6014: 6009: 6004: 5999: 5994: 5989: 5984: 5979: 5974: 5969: 5964: 5959: 5954: 5949: 5944: 5939: 5934: 5929: 5924: 5919: 5914: 5909: 5904: 5899: 5894: 5889: 5884: 5879: 5874: 5869: 5864: 5859: 5854: 5849: 5844: 5839: 5834: 5829: 5824: 5819: 5814: 5809: 5804: 5799: 5794: 5789: 5784: 5779: 5774: 5769: 5764: 5758: 5756: 5750: 5747: 5746: 5744: 5743: 5738: 5733: 5728: 5723: 5718: 5713: 5712: 5711: 5701: 5700: 5699: 5689: 5684: 5679: 5678: 5677: 5667: 5662: 5657: 5656: 5655: 5654: 5653: 5643: 5638: 5623: 5618: 5613: 5608: 5603: 5598: 5593: 5588: 5583: 5581:Disequilibrium 5578: 5573: 5568: 5563: 5558: 5557: 5556: 5546: 5541: 5536: 5531: 5530: 5529: 5519: 5514: 5509: 5504: 5498: 5496: 5484: 5481: 5480: 5476: 5475: 5470: 5465: 5460: 5455: 5450: 5445: 5440: 5435: 5430: 5421: 5416: 5411: 5406: 5401: 5396: 5394:Organizational 5391: 5386: 5381: 5376: 5371: 5366: 5361: 5356: 5351: 5346: 5341: 5336: 5331: 5326: 5321: 5316: 5311: 5306: 5301: 5296: 5291: 5286: 5281: 5276: 5271: 5266: 5261: 5256: 5251: 5246: 5240: 5239: 5238: 5236: 5230: 5229: 5227: 5226: 5221: 5216: 5215: 5214: 5203: 5201: 5195: 5194: 5192: 5191: 5186: 5181: 5180: 5179: 5169: 5164: 5159: 5157:Macroeconomics 5154: 5153: 5152: 5147: 5142: 5137: 5132: 5125:Microeconomics 5121: 5119: 5113: 5112: 5105: 5104: 5097: 5090: 5082: 5073: 5072: 5062: 5059: 5058: 5054: 5049: 5044: 5042:Microeconomics 5039: 5038: 5037: 5027: 5022: 5017: 5016: 5015: 5013: 5009: 5008: 5003: 5001: 4997: 4996: 4992: 4987: 4982: 4977: 4972: 4967: 4962: 4957: 4952: 4947: 4945:Lawrence Klein 4942: 4940:Paul Samuelson 4937: 4932: 4927: 4922: 4917: 4912: 4907: 4902: 4897: 4895:Michał Kalecki 4892: 4887: 4882: 4877: 4872: 4867: 4862: 4857: 4852: 4847: 4842: 4841: 4840: 4838: 4831: 4830: 4827: 4826: 4822: 4817: 4812: 4810:Disequilibrium 4807: 4806: 4805: 4798:Post-Keynesian 4795: 4790: 4789: 4788: 4778: 4773: 4772: 4771: 4769: 4765: 4764: 4760: 4755: 4750: 4745: 4740: 4739: 4738: 4728: 4723: 4722: 4721: 4716: 4706: 4705: 4704: 4702: 4695: 4689: 4688: 4684: 4679: 4674: 4669: 4664: 4659: 4658: 4657: 4655: 4654:Related fields 4651: 4650: 4646: 4641: 4636: 4631: 4626: 4621: 4620: 4619: 4609: 4604: 4599: 4594: 4589: 4584: 4582:Phillips curve 4579: 4574: 4569: 4564: 4559: 4554: 4553: 4552: 4550: 4546: 4545: 4541: 4536: 4531: 4526: 4521: 4516: 4515: 4514: 4512: 4508: 4507: 4503: 4502: 4497: 4492: 4487: 4482: 4477: 4472: 4467: 4462: 4461: 4460: 4450: 4445: 4444: 4443: 4433: 4431:Money creation 4428: 4427: 4426: 4416: 4411: 4410: 4409: 4404: 4399: 4389: 4387:Liquidity trap 4384: 4379: 4374: 4373: 4372: 4367: 4357: 4352: 4347: 4346: 4345: 4340: 4332: 4327: 4322: 4317: 4312: 4307: 4305:Business cycle 4302: 4297: 4291: 4290: 4289: 4287: 4286:Basic concepts 4283: 4282: 4279:Macroeconomics 4275: 4274: 4267: 4260: 4252: 4246: 4245: 4232: 4229: 4228: 4227: 4221: 4204: 4198: 4185: 4179: 4166: 4152: 4146: 4129: 4123: 4110: 4104: 4087: 4076: 4070: 4049: 4043: 4035:Macroeconomics 4030: 4024: 4011: 4005: 3984: 3978: 3970:Macroeconomics 3965: 3959: 3946: 3940: 3915: 3909: 3884: 3878: 3861: 3855: 3847:Macroeconomics 3842: 3841:1(1): 209–228. 3827: 3826: 3820: 3819: 3815:Macroeconomics 3808: 3807: 3805: 3802: 3800: 3799: 3784: 3769: 3757: 3755:, p. 387. 3742: 3730: 3715: 3701: 3671: 3641: 3611: 3597: 3577: 3547: 3522: 3510:Nationalbanken 3494: 3483:. 29 July 2021 3468: 3461: 3439: 3416: 3404: 3391: 3377: 3347: 3335: 3333:, p. 519. 3323: 3311: 3286: 3279: 3249: 3242: 3212: 3185: 3155: 3146: 3100: 3074:(1): 267–279. 3054: 3008: 2999: 2980: 2943:(2): 198–213. 2923: 2899: 2890: 2888:Dimand (2008). 2874: 2836: 2824: 2803:10.1086/209911 2777: 2766:Economics Help 2752: 2743: 2729: 2727:Mankiw (2022). 2713: 2704: 2686: 2677: 2649: 2621: 2563: 2557: 2535: 2522: 2515: 2494: 2470: 2468: 2465: 2464: 2463: 2458: 2453: 2448: 2446:Microeconomics 2442: 2441: 2425: 2422: 2418:Phillips curve 2366: 2363: 2321: 2318: 2316: 2313: 2269:Phillips curve 2218: 2215: 2206:liquidity trap 2191: 2188: 2168:private sector 2126: 2123: 2106:liquidity trap 2057:. In this way 2045:, and through 2012:interest rates 1998: 1995: 1966: 1963: 1931:climate change 1905: 1902: 1859:worked out by 1844: 1841: 1840: 1839: 1832: 1818: 1807:empirical work 1803: 1775: 1772: 1719:John B. Taylor 1698: 1695: 1631: 1628: 1615:Phillips curve 1600: 1597: 1581:Paul Samuelson 1573:General Theory 1566:animal spirits 1535:General Theory 1526: 1523: 1478: 1475: 1435:Main article: 1432: 1429: 1417:currency union 1409:exchange rates 1385:factor markets 1365: 1362: 1324:Phillips curve 1276: 1273: 1272: 1271: 1260: 1250: 1244: 1225:market failure 1189:The amount of 1171:Main article: 1168: 1165: 1114:factor incomes 1097: 1094: 1093: 1092: 1065: 1053: 1034:business cycle 1025: 1022: 1008:open economies 998: 995: 967:published his 950:business cycle 942:microeconomics 871:Macroeconomics 857: 856: 854: 853: 846: 839: 831: 828: 827: 826: 825: 813: 798: 797: 794: 793: 788: 783: 781:Microeconomics 778: 777: 776: 766: 761: 755: 752: 751: 748: 747: 744: 743: 738: 733: 728: 723: 718: 713: 708: 703: 698: 696:Lawrence Klein 693: 691:Paul Samuelson 688: 683: 678: 673: 668: 663: 658: 653: 648: 646:Michał Kalecki 643: 638: 633: 628: 623: 618: 613: 608: 603: 598: 592: 587: 586: 583: 582: 579: 578: 573: 568: 566:Disequilibrium 563: 562: 561: 554:Post-Keynesian 551: 546: 545: 544: 534: 523: 522: 517: 512: 507: 502: 501: 500: 490: 485: 484: 483: 478: 464: 459: 458: 455: 454: 451: 450: 445: 440: 435: 430: 424: 422:Related fields 421: 420: 417: 416: 413: 412: 407: 402: 397: 392: 387: 386: 385: 375: 370: 365: 360: 355: 350: 348:Phillips curve 345: 340: 335: 330: 325: 319: 316: 315: 312: 311: 308: 307: 302: 297: 292: 287: 281: 278: 277: 274: 273: 270: 269: 264: 259: 254: 249: 244: 239: 234: 229: 228: 227: 217: 212: 211: 210: 200: 198:Money creation 195: 194: 193: 183: 178: 177: 176: 171: 166: 156: 154:Liquidity trap 151: 146: 141: 140: 139: 134: 124: 119: 114: 113: 112: 107: 99: 94: 89: 84: 79: 74: 72:Business cycle 69: 64: 58: 56:Basic concepts 55: 54: 51: 50: 42: 41: 39:Macroeconomics 35: 34: 21:Microeconomics 15: 9: 6: 4: 3: 2: 6905: 6894: 6891: 6890: 6888: 6873: 6872: 6867: 6863: 6861: 6856: 6851: 6849: 6848: 6839: 6837: 6836: 6827: 6826: 6823: 6817: 6814: 6812: 6811:Human science 6809: 6807: 6806: 6802: 6800: 6797: 6796: 6794: 6790: 6784: 6781: 6780: 6778: 6774: 6768: 6767:Vegan studies 6765: 6763: 6760: 6756: 6753: 6751: 6748: 6747: 6746: 6743: 6741: 6738: 6736: 6733: 6731: 6730:Public health 6728: 6726: 6723: 6721: 6718: 6716: 6713: 6709: 6706: 6704: 6701: 6699: 6696: 6695: 6693: 6689: 6686: 6684: 6681: 6679: 6676: 6674: 6671: 6669: 6666: 6665: 6664:Philosophies 6663: 6661: 6660:Media studies 6658: 6656: 6653: 6651: 6648: 6646: 6643: 6641: 6638: 6636: 6635:Human ecology 6633: 6631: 6628: 6626: 6623: 6621: 6618: 6616: 6613: 6611: 6608: 6604: 6601: 6599: 6596: 6595: 6593: 6591: 6588: 6586: 6583: 6581: 6578: 6576: 6573: 6571: 6568: 6566: 6563: 6561: 6558: 6556: 6553: 6551: 6548: 6546: 6545:Anthrozoology 6543: 6539: 6536: 6534: 6531: 6530: 6528: 6527: 6525: 6521: 6513: 6510: 6508: 6505: 6503: 6500: 6498: 6495: 6493: 6490: 6489: 6488: 6485: 6481: 6478: 6476: 6473: 6471: 6470:developmental 6468: 6466: 6463: 6461: 6458: 6457: 6456: 6453: 6449: 6446: 6444: 6443:public policy 6441: 6439: 6436: 6434: 6431: 6429: 6426: 6425: 6424: 6421: 6417: 6414: 6413: 6412: 6409: 6405: 6402: 6400: 6397: 6395: 6394:legal systems 6392: 6390: 6389:legal history 6387: 6385: 6384:jurisprudence 6382: 6381: 6380: 6377: 6373: 6370: 6368: 6365: 6363: 6360: 6358: 6355: 6353: 6350: 6348: 6345: 6343: 6340: 6339: 6338: 6335: 6331: 6328: 6326: 6323: 6321: 6318: 6316: 6313: 6312: 6311: 6308: 6304: 6301: 6299: 6296: 6294: 6291: 6289: 6286: 6285: 6284: 6281: 6277: 6274: 6272: 6269: 6267: 6264: 6262: 6259: 6258: 6257: 6254: 6253: 6251: 6247: 6241: 6238: 6236: 6233: 6231: 6228: 6227: 6224: 6220: 6213: 6208: 6206: 6201: 6199: 6194: 6193: 6190: 6179: 6176: 6174: 6171: 6169: 6166: 6164: 6161: 6159: 6156: 6154: 6151: 6148: 6140: 6137: 6134: 6130: 6127: 6125: 6122: 6120: 6117: 6116: 6112: 6110: 6106: 6100: 6099: 6095: 6093: 6090: 6088: 6085: 6083: 6080: 6078: 6075: 6073: 6070: 6068: 6065: 6063: 6060: 6058: 6055: 6053: 6050: 6048: 6045: 6043: 6040: 6038: 6035: 6033: 6030: 6028: 6025: 6023: 6020: 6018: 6015: 6013: 6010: 6008: 6005: 6003: 6000: 5998: 5995: 5993: 5990: 5988: 5985: 5983: 5980: 5978: 5975: 5973: 5970: 5968: 5965: 5963: 5960: 5958: 5955: 5953: 5950: 5948: 5945: 5943: 5940: 5938: 5935: 5933: 5930: 5928: 5925: 5923: 5920: 5918: 5915: 5913: 5910: 5908: 5905: 5903: 5900: 5898: 5895: 5893: 5890: 5888: 5885: 5883: 5880: 5878: 5875: 5873: 5870: 5868: 5865: 5863: 5860: 5858: 5855: 5853: 5850: 5848: 5845: 5843: 5840: 5838: 5835: 5833: 5830: 5828: 5825: 5823: 5820: 5818: 5815: 5813: 5810: 5808: 5805: 5803: 5800: 5798: 5795: 5793: 5790: 5788: 5785: 5783: 5780: 5778: 5775: 5773: 5770: 5768: 5765: 5763: 5762:de Mandeville 5760: 5759: 5757: 5753: 5748: 5742: 5739: 5737: 5734: 5732: 5729: 5727: 5724: 5722: 5719: 5717: 5714: 5710: 5707: 5706: 5705: 5704:New classical 5702: 5698: 5695: 5694: 5693: 5690: 5688: 5685: 5683: 5680: 5676: 5673: 5672: 5671: 5668: 5666: 5663: 5661: 5660:Malthusianism 5658: 5652: 5649: 5648: 5647: 5644: 5642: 5639: 5636: 5632: 5629: 5628: 5627: 5624: 5622: 5621:Institutional 5619: 5617: 5614: 5612: 5609: 5607: 5604: 5602: 5599: 5597: 5594: 5592: 5589: 5587: 5584: 5582: 5579: 5577: 5574: 5572: 5569: 5567: 5564: 5562: 5559: 5555: 5552: 5551: 5550: 5547: 5545: 5542: 5540: 5537: 5535: 5532: 5528: 5525: 5524: 5523: 5520: 5518: 5515: 5513: 5510: 5508: 5505: 5503: 5500: 5499: 5497: 5492: 5487: 5482: 5474: 5471: 5469: 5466: 5464: 5461: 5459: 5456: 5454: 5451: 5449: 5446: 5444: 5441: 5439: 5436: 5434: 5431: 5429: 5425: 5424:Public choice 5422: 5420: 5417: 5415: 5412: 5410: 5407: 5405: 5402: 5400: 5399:Participation 5397: 5395: 5392: 5390: 5387: 5385: 5382: 5380: 5377: 5375: 5372: 5370: 5367: 5365: 5362: 5360: 5359:Institutional 5357: 5355: 5352: 5350: 5347: 5345: 5342: 5340: 5337: 5335: 5332: 5330: 5327: 5325: 5322: 5320: 5317: 5315: 5312: 5310: 5309:Expeditionary 5307: 5305: 5302: 5300: 5299:Environmental 5297: 5295: 5292: 5290: 5287: 5285: 5282: 5280: 5277: 5275: 5272: 5270: 5267: 5265: 5262: 5260: 5257: 5255: 5252: 5250: 5247: 5245: 5242: 5241: 5237: 5235: 5231: 5225: 5222: 5220: 5217: 5213: 5210: 5209: 5208: 5205: 5204: 5202: 5200: 5196: 5190: 5187: 5185: 5182: 5178: 5175: 5174: 5173: 5170: 5168: 5165: 5163: 5160: 5158: 5155: 5151: 5148: 5146: 5143: 5141: 5138: 5136: 5133: 5131: 5128: 5127: 5126: 5123: 5122: 5120: 5118: 5114: 5110: 5103: 5098: 5096: 5091: 5089: 5084: 5083: 5080: 5070: 5060: 5053: 5050: 5048: 5045: 5043: 5040: 5036: 5033: 5032: 5031: 5028: 5026: 5023: 5021: 5018: 5014: 5010: 5006: 5002: 4998: 4991: 4988: 4986: 4983: 4981: 4978: 4976: 4973: 4971: 4968: 4966: 4965:Peter Diamond 4963: 4961: 4958: 4956: 4953: 4951: 4950:Edmund Phelps 4948: 4946: 4943: 4941: 4938: 4936: 4933: 4931: 4928: 4926: 4925:Richard Stone 4923: 4921: 4918: 4916: 4913: 4911: 4910:Joan Robinson 4908: 4906: 4905:Simon Kuznets 4903: 4901: 4900:Gunnar Myrdal 4898: 4896: 4893: 4891: 4888: 4886: 4883: 4881: 4878: 4876: 4875:Irving Fisher 4873: 4871: 4870:Knut Wicksell 4868: 4866: 4863: 4861: 4858: 4856: 4853: 4851: 4848: 4846: 4843: 4839: 4837: 4832: 4821: 4818: 4816: 4813: 4811: 4808: 4804: 4801: 4800: 4799: 4796: 4794: 4791: 4787: 4784: 4783: 4782: 4779: 4777: 4774: 4770: 4766: 4759: 4756: 4754: 4751: 4749: 4746: 4744: 4741: 4737: 4734: 4733: 4732: 4731:New classical 4729: 4727: 4724: 4720: 4717: 4715: 4712: 4711: 4710: 4707: 4703: 4699: 4696: 4694: 4690: 4683: 4680: 4678: 4675: 4673: 4670: 4668: 4665: 4663: 4660: 4656: 4652: 4645: 4642: 4640: 4637: 4635: 4632: 4630: 4627: 4625: 4622: 4618: 4615: 4614: 4613: 4610: 4608: 4605: 4603: 4600: 4598: 4595: 4593: 4590: 4588: 4585: 4583: 4580: 4578: 4575: 4573: 4570: 4568: 4565: 4563: 4560: 4558: 4555: 4551: 4547: 4540: 4537: 4535: 4532: 4530: 4527: 4525: 4522: 4520: 4517: 4513: 4509: 4501: 4498: 4496: 4493: 4491: 4488: 4486: 4483: 4481: 4480:Shrinkflation 4478: 4476: 4473: 4471: 4468: 4466: 4463: 4459: 4456: 4455: 4454: 4451: 4449: 4446: 4442: 4439: 4438: 4437: 4434: 4432: 4429: 4425: 4422: 4421: 4420: 4417: 4415: 4412: 4408: 4405: 4403: 4400: 4398: 4395: 4394: 4393: 4390: 4388: 4385: 4383: 4380: 4378: 4377:Interest rate 4375: 4371: 4368: 4366: 4363: 4362: 4361: 4358: 4356: 4353: 4351: 4348: 4344: 4341: 4339: 4336: 4335: 4334:Expectations 4333: 4331: 4328: 4326: 4323: 4321: 4318: 4316: 4313: 4311: 4308: 4306: 4303: 4301: 4298: 4296: 4293: 4292: 4288: 4284: 4280: 4273: 4268: 4266: 4261: 4259: 4254: 4253: 4250: 4243: 4239: 4235: 4234: 4224: 4218: 4213: 4212: 4205: 4201: 4195: 4191: 4186: 4182: 4176: 4172: 4167: 4165: 4161: 4157: 4153: 4149: 4143: 4138: 4137: 4130: 4126: 4120: 4116: 4111: 4107: 4105:9781840643879 4101: 4096: 4095: 4088: 4086:32(3): 59–86. 4085: 4081: 4077: 4073: 4067: 4063: 4058: 4057: 4050: 4046: 4040: 4036: 4031: 4027: 4021: 4017: 4012: 4008: 4002: 3998: 3993: 3992: 3985: 3981: 3975: 3971: 3966: 3962: 3956: 3952: 3947: 3943: 3937: 3933: 3929: 3925: 3921: 3916: 3912: 3906: 3902: 3898: 3894: 3890: 3885: 3881: 3875: 3870: 3869: 3862: 3858: 3852: 3848: 3843: 3840: 3836: 3832: 3831: 3825: 3822: 3821: 3816: 3811: 3797:, p. 13. 3796: 3791: 3789: 3782:, p. 12. 3781: 3776: 3774: 3766: 3761: 3754: 3749: 3747: 3739: 3734: 3727: 3722: 3720: 3704: 3698: 3694: 3690: 3686: 3682: 3675: 3659: 3652: 3645: 3629: 3622: 3615: 3600: 3594: 3590: 3589: 3581: 3565: 3558: 3551: 3536: 3532: 3526: 3511: 3507: 3501: 3499: 3482: 3478: 3472: 3464: 3458: 3451: 3450: 3443: 3427: 3420: 3411: 3409: 3401: 3395: 3380: 3378:9780444594877 3374: 3370: 3366: 3362: 3358: 3351: 3344: 3339: 3332: 3327: 3320: 3315: 3301: 3297: 3290: 3282: 3276: 3272: 3268: 3264: 3260: 3253: 3245: 3239: 3235: 3231: 3227: 3223: 3216: 3200: 3196: 3189: 3173: 3166: 3159: 3150: 3135: 3131: 3127: 3123: 3119: 3115: 3111: 3104: 3089: 3085: 3081: 3077: 3073: 3069: 3065: 3058: 3043: 3039: 3035: 3031: 3027: 3023: 3019: 3012: 3003: 2997: 2993: 2989: 2984: 2976: 2972: 2968: 2964: 2960: 2956: 2951: 2946: 2942: 2938: 2934: 2927: 2913: 2909: 2903: 2894: 2885: 2883: 2881: 2879: 2863: 2859: 2855: 2851: 2847: 2840: 2834:, p. 98. 2833: 2828: 2820: 2816: 2812: 2808: 2804: 2800: 2796: 2792: 2788: 2781: 2767: 2763: 2756: 2747: 2739: 2733: 2724: 2722: 2720: 2718: 2711:Dwivedi, 443. 2708: 2700: 2698: 2690: 2681: 2672: 2670: 2668: 2666: 2664: 2662: 2660: 2658: 2656: 2654: 2647:Romer (2019). 2644: 2642: 2640: 2638: 2636: 2634: 2632: 2630: 2628: 2626: 2616: 2614: 2612: 2610: 2608: 2606: 2604: 2602: 2600: 2598: 2596: 2594: 2592: 2590: 2588: 2586: 2584: 2582: 2580: 2578: 2576: 2574: 2572: 2570: 2568: 2560: 2554: 2550: 2547:, Cambridge: 2546: 2539: 2532: 2526: 2518: 2512: 2508: 2504: 2498: 2489: 2485: 2481: 2475: 2471: 2462: 2459: 2457: 2454: 2452: 2449: 2447: 2444: 2443: 2439: 2433: 2428: 2421: 2419: 2415: 2409: 2407: 2403: 2398: 2396: 2392: 2388: 2384: 2380: 2371: 2362: 2358: 2354: 2350: 2348: 2344: 2339: 2335: 2326: 2312: 2310: 2306: 2302: 2298: 2294: 2290: 2286: 2282: 2281:Peter Diamond 2278: 2274: 2270: 2266: 2262: 2258: 2254: 2249: 2247: 2243: 2238: 2234: 2230: 2224: 2214: 2212: 2207: 2202: 2198: 2187: 2185: 2181: 2177: 2172: 2169: 2165: 2160: 2157: 2154:. There is a 2153: 2149: 2144: 2142: 2138: 2132: 2131:Fiscal policy 2125:Fiscal policy 2122: 2120: 2116: 2111: 2107: 2102: 2100: 2096: 2092: 2088: 2084: 2080: 2076: 2072: 2067: 2064: 2060: 2056: 2052: 2048: 2047:exchange rate 2044: 2040: 2036: 2032: 2028: 2024: 2019: 2017: 2013: 2009: 2008:Central banks 2004: 1994: 1990: 1988: 1984: 1980: 1975: 1973: 1962: 1960: 1956: 1952: 1948: 1944: 1940: 1936: 1932: 1928: 1924: 1920: 1910: 1901: 1899: 1894: 1890: 1885: 1883: 1879: 1875: 1870: 1866: 1862: 1858: 1854: 1850: 1843:Growth models 1837: 1833: 1831: 1827: 1823: 1822:heterogeneity 1819: 1816: 1812: 1808: 1804: 1801: 1800:unsustainable 1797: 1793: 1792: 1791: 1789: 1785: 1781: 1771: 1769: 1765: 1759: 1757: 1753: 1749: 1745: 1741: 1737: 1733: 1729: 1725: 1720: 1716: 1712: 1708: 1703: 1702:New Keynesian 1694: 1691: 1687: 1683: 1678: 1676: 1672: 1668: 1663: 1661: 1656: 1651: 1648: 1644: 1640: 1636: 1627: 1624: 1620: 1619:Edmund Phelps 1616: 1611: 1609: 1605: 1596: 1594: 1590: 1586: 1582: 1578: 1574: 1569: 1567: 1563: 1559: 1555: 1551: 1546: 1544: 1540: 1536: 1532: 1522: 1520: 1519:Irving Fisher 1516: 1515:Knut Wicksell 1512: 1508: 1504: 1500: 1496: 1492: 1488: 1484: 1477:Before Keynes 1474: 1471: 1470:Ragnar Frisch 1467: 1466: 1461: 1453: 1452: 1447: 1443: 1438: 1428: 1426: 1422: 1418: 1414: 1410: 1406: 1402: 1398: 1394: 1390: 1386: 1383:and possibly 1382: 1378: 1374: 1370: 1361: 1359: 1355: 1352: 1347: 1345: 1341: 1337: 1333: 1332:supply shocks 1329: 1325: 1321: 1317: 1312: 1309: 1305: 1301: 1299: 1298:price indexes 1295: 1291: 1281: 1269: 1265: 1264:minimum wages 1261: 1258: 1254: 1251: 1248: 1245: 1241: 1237: 1233: 1230: 1229: 1228: 1226: 1220: 1218: 1214: 1210: 1208: 1202: 1200: 1196: 1192: 1184: 1179: 1174: 1164: 1162: 1158: 1154: 1150: 1146: 1142: 1138: 1134: 1133:human capital 1130: 1125: 1123: 1119: 1115: 1111: 1107: 1103: 1090: 1086: 1082: 1078: 1074: 1070: 1066: 1063: 1059: 1054: 1051: 1050:fiscal policy 1047: 1043: 1039: 1035: 1031: 1030: 1029: 1019: 1015: 1011: 1009: 1005: 994: 992: 988: 984: 983:new classical 980: 976: 972: 971: 966: 961: 959: 955: 951: 946: 943: 938: 936: 932: 928: 924: 920: 916: 912: 908: 907:price indices 904: 900: 896: 892: 888: 884: 880: 876: 872: 863: 852: 847: 845: 840: 838: 833: 832: 830: 829: 824: 819: 814: 812: 802: 801: 800: 799: 792: 789: 787: 784: 782: 779: 775: 772: 771: 770: 767: 765: 762: 760: 757: 756: 750: 749: 742: 739: 737: 734: 732: 729: 727: 724: 722: 719: 717: 716:Peter Diamond 714: 712: 709: 707: 704: 702: 701:Edmund Phelps 699: 697: 694: 692: 689: 687: 684: 682: 679: 677: 676:Richard Stone 674: 672: 669: 667: 664: 662: 661:Joan Robinson 659: 657: 656:Simon Kuznets 654: 652: 651:Gunnar Myrdal 649: 647: 644: 642: 639: 637: 634: 632: 629: 627: 626:Irving Fisher 624: 622: 621:Knut Wicksell 619: 617: 614: 612: 609: 607: 604: 602: 599: 597: 594: 593: 590: 585: 584: 577: 574: 572: 569: 567: 564: 560: 557: 556: 555: 552: 550: 547: 543: 540: 539: 538: 535: 533: 530: 529: 528: 527: 521: 518: 516: 513: 511: 508: 506: 503: 499: 496: 495: 494: 493:New classical 491: 489: 486: 482: 479: 477: 474: 473: 472: 469: 468: 467: 462: 457: 456: 449: 446: 444: 441: 439: 436: 434: 431: 429: 426: 425: 419: 418: 411: 408: 406: 403: 401: 398: 396: 393: 391: 388: 384: 381: 380: 379: 376: 374: 371: 369: 366: 364: 361: 359: 356: 354: 351: 349: 346: 344: 341: 339: 336: 334: 331: 329: 326: 324: 321: 320: 314: 313: 306: 303: 301: 298: 296: 293: 291: 288: 286: 283: 282: 276: 275: 268: 265: 263: 260: 258: 255: 253: 250: 248: 247:Shrinkflation 245: 243: 240: 238: 235: 233: 230: 226: 223: 222: 221: 218: 216: 213: 209: 206: 205: 204: 201: 199: 196: 192: 189: 188: 187: 184: 182: 179: 175: 172: 170: 167: 165: 162: 161: 160: 157: 155: 152: 150: 147: 145: 144:Interest rate 142: 138: 135: 133: 130: 129: 128: 125: 123: 120: 118: 115: 111: 108: 106: 103: 102: 101:Expectations 100: 98: 95: 93: 90: 88: 85: 83: 80: 78: 75: 73: 70: 68: 65: 63: 60: 59: 53: 52: 48: 44: 43: 40: 37: 36: 32: 28: 27: 22: 6869: 6845: 6833: 6803: 6610:Food studies 6550:Area studies 6303:mathematical 6298:econometrics 6292: 6256:Anthropology 6173:Publications 6129:Publications 6096: 5692:Neoclassical 5682:Mercantilism 5591:Evolutionary 5453:Sociological 5426: / 5324:Geographical 5304:Evolutionary 5279:Digitization 5244:Agricultural 5207:Econometrics 5156: 5135:Price theory 4985:Paul Krugman 4930:Hyman Minsky 4890:Alvin Hansen 4662:Econometrics 4639:Overshooting 4592:Harrod–Domar 4587:Arrow–Debreu 4534:Central bank 4500:Unemployment 4490:Supply shock 4448:Money supply 4325:Disinflation 4320:Demand shock 4278: 4241: 4210: 4189: 4170: 4155: 4135: 4114: 4093: 4083: 4055: 4034: 4015: 3990: 3969: 3950: 3923: 3892: 3867: 3846: 3838: 3814: 3760: 3733: 3706:. 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Retrieved 2765: 2755: 2746: 2732: 2707: 2696: 2689: 2680: 2544: 2538: 2525: 2506: 2497: 2487: 2474: 2410: 2399: 2376: 2359: 2355: 2351: 2343:money supply 2331: 2307:models like 2250: 2229:diagrammatic 2226: 2201:outside lags 2193: 2184:tax revenues 2173: 2164:crowding out 2161: 2145: 2134: 2103: 2068: 2043:house prices 2039:stock prices 2035:asset prices 2020: 2006: 1991: 1976: 1968: 1923:Robert Solow 1915: 1886: 1861:Robert Solow 1853:Harrod-Domar 1846: 1777: 1760: 1756:Ben Bernanke 1728:Janet Yellen 1700: 1679: 1664: 1652: 1639:Robert Lucas 1633: 1612: 1602: 1593:Robert Solow 1572: 1570: 1558:money demand 1547: 1534: 1528: 1480: 1463: 1457: 1449: 1369:Open economy 1367: 1358:money supply 1348: 1313: 1302: 1287: 1284:correlation. 1257:market power 1253:Trade unions 1221: 1211: 1203: 1191:unemployment 1188: 1173:Unemployment 1167:Unemployment 1157:productivity 1126: 1099: 1085:saving rates 1073:accumulation 1027: 1000: 968: 962: 947: 939: 899:unemployment 870: 869: 736:Paul Krugman 681:Hyman Minsky 641:Alvin Hansen 525: 524: 465: 428:Econometrics 405:Overshooting 358:Harrod–Domar 353:Arrow–Debreu 300:Central bank 267:Unemployment 257:Supply shock 215:Money supply 92:Disinflation 87:Demand shock 38: 6871:Wikiversity 6762:Social work 6650:Linguistics 6575:Criminology 6492:criminology 6475:personality 6433:comparative 6411:Linguistics 6404:private law 6261:archaeology 5967:von Neumann 5736:Supply-side 5721:Physiocracy 5665:Marginalism 5354:Information 5294:Engineering 5274:Development 5269:Demographic 5140:Game theory 5117:Theoretical 4865:Léon Walras 4748:Supply-side 4577:Accelerator 4485:Stagflation 4470:Price level 4365:Demand-pull 4160:Description 3795:Healey 2002 3780:Healey 2002 3765:Peston 2002 3753:Peston 2002 3738:Peston 2002 3708:9 September 3634:5 September 3570:5 September 3564:www.bis.org 3414:Mayer, 495. 3384:9 September 3205:8 September 3178:8 September 3139:8 September 3093:8 September 3047:8 September 3028:: 231–283. 2867:3 September 2832:Mankiw 2022 2797:(1): 1–22. 2379:AD–AS model 2365:AD-AS model 2320:IS–LM model 2275:model, the 2265:AD–AS model 2257:IS–LM model 2197:inside lags 2141:expenditure 2115:yield curve 2031:consumption 1987:overheating 1925:introduced 1865:Trevor Swan 1826:HANK models 1802:public debt 1740:David Romer 1736:Greg Mankiw 1641:introduced 1589:James Tobin 1431:Development 1328:transmitted 1320:overheating 1306:conducting 1195:labor force 1159:levels and 1153:overheating 1091:activities. 979:monetarists 915:consumption 901:(including 616:Léon Walras 510:Supply-side 343:Accelerator 252:Stagflation 237:Price level 132:Demand-pull 6816:Humanities 6750:historical 6683:psychology 6655:Management 6497:demography 6455:Psychology 6438:philosophy 6399:public law 6330:integrated 6124:Economists 5997:Schumacher 5902:Schumpeter 5872:von Wieser 5792:von Thünen 5752:Economists 5651:Circuitism 5616:Humanistic 5611:Historical 5586:Ecological 5576:Democratic 5549:Chartalism 5539:Behavioral 5502:Mainstream 5463:Statistics 5458:Solidarity 5379:Managerial 5344:Humanistic 5339:Historical 5284:Ecological 5249:Behavioral 4920:John Hicks 4850:Adam Smith 4803:Circuitism 4793:Ecological 4781:Chartalism 4726:Monetarism 4701:Mainstream 4597:Solow–Swan 4572:Multiplier 4529:Commercial 4424:Endogenous 4382:Investment 4215:. Norton. 4180:1845421809 4147:1840643870 3804:References 3664:7 December 3343:Blaug 2002 3331:Solow 2002 3319:Solow 2002 3305:2020-09-21 2917:2018-01-23 2771:2020-09-21 2338:John Hicks 2273:Solow–Swan 2233:equational 2152:output gap 2063:employment 2049:reactions 2027:investment 1959:production 1673:, created 1623:oil shocks 1599:Monetarism 1507:David Hume 1503:John Locke 1351:monetarist 1217:Okun's law 1183:Okun's law 1149:recessions 1141:recessions 1106:net output 1024:Time frame 975:Keynesians 923:investment 671:John Hicks 601:Adam Smith 559:Circuitism 549:Ecological 537:Chartalism 488:Monetarism 466:Mainstream 363:Solow–Swan 338:Multiplier 295:Commercial 191:Endogenous 149:Investment 6694:Planning 6673:economics 6590:Education 6487:Sociology 6465:cognitive 6416:semiotics 6367:political 6325:technical 6310:Geography 6283:Economics 6042:Greenspan 6007:Samuelson 5987:Galbraith 5957:Tinbergen 5897:von Mises 5892:Heckscher 5852:Edgeworth 5731:Stockholm 5726:Socialist 5626:Keynesian 5606:Happiness 5566:Classical 5527:Mutualism 5522:Anarchist 5507:Heterodox 5404:Personnel 5364:Knowledge 5329:Happiness 5319:Financial 5289:Education 5264:Democracy 5199:Empirical 5109:Economics 5030:Economics 4860:Karl Marx 4768:Heterodox 4743:Stockholm 4709:Keynesian 4475:Recession 4370:Cost-push 4360:Inflation 4315:Deflation 3604:12 August 3540:12 August 3515:13 August 3487:13 August 3432:13 August 3134:0022-0515 3088:1945-7707 2996:Huw Dixon 2975:219465676 2959:0317-0861 2811:0734-306X 2095:US dollar 1983:recession 1419:like the 1294:deflation 1290:inflation 1100:National 911:inflation 875:economics 769:Economics 611:Karl Marx 526:Heterodox 505:Stockholm 471:Keynesian 242:Recession 137:Cost-push 127:Inflation 82:Deflation 6887:Category 6835:Category 6703:regional 6698:land use 6533:business 6502:internet 6460:abnormal 6362:military 6352:economic 6342:cultural 6315:physical 6276:physical 6266:cultural 6153:Category 6133:journals 6119:Glossary 6072:Stiglitz 6037:Rothbard 6017:Buchanan 6002:Friedman 5992:Koopmans 5982:Leontief 5962:Robinson 5847:Marshall 5697:Lausanne 5601:Georgism 5596:Feminist 5544:Buddhist 5534:Austrian 5433:Regional 5409:Planning 5384:Monetary 5314:Feminist 5259:Cultural 5254:Business 5069:Category 5012:See also 5000:Critique 4834:Notable 4776:Austrian 4524:Monetary 4511:Policies 4343:Rational 4338:Adaptive 2967:26974728 2482:(2020). 2424:See also 2259:and the 2077:and the 2021:Via the 1454:in 1936. 1338:and the 753:See also 532:Austrian 290:Monetary 279:Policies 110:Rational 105:Adaptive 31:a series 29:Part of 6847:Commons 6678:history 6668:science 6603:studies 6337:History 6249:Primary 6235:History 6230:Outline 6168:Outline 6139:Schools 6131: ( 6092:Piketty 6087:Krugman 5952:Kuznets 5942:Kalecki 5917:Polanyi 5807:Cournot 5802:Bastiat 5787:Ricardo 5777:Malthus 5767:Quesnay 5670:Marxian 5561:Chicago 5491:history 5486:Schools 5473:Welfare 5443:Service 5234:Applied 5035:Applied 4815:Marxian 4693:Schools 3920:"IS–LM" 3042:3585232 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