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Three Strands of Theory

In: Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014

Author

Listed:
  • Joseph E. Stiglitz

    (Columbia University)

Abstract

This chapter argues that while real business cycles and New Keynesian theories with nominal rigidities may help explain certain historical episodes, alternative strands of New Keynesian economics focusing on financial market imperfections, credit, and real rigidities provide a more convincing interpretation of deep downturns, such as the Great Depression and the Great Recession, giving a more plausible explanation of the origins of downturns, their depth and duration.

Suggested Citation

  • Joseph E. Stiglitz, 2016. "Three Strands of Theory," International Economic Association Series, in: Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014, chapter 2, pages 13-46, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-58691-9_3
    DOI: 10.1007/978-1-137-58691-9_3
    as

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