Keynesianism, Pennsylvania Avenue Style: Some Economic Consequences of the Employment Act of 1946
The Employment Act of 1946 created the Council of Economic Advisers (CEA)--and served as a convenient marker of the government's acceptance of the burden of stabilizing the macroeconomy. The willingness of post-WWII governments to let automatic stabilizers function in recessions may well have moderated the post-WWII business cycle. The CEA has also served as an advocate of allocative efficiency in economic policy. Its relative success can be primarily ascribed to Chairman Arthur Burns, who hired a CEA staff composed of short-term appointees whose principal loyalty was to economic rationality.
Volume (Year): 10 (1996)
Issue (Month): 3 (Summer)
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"The Prewar Business Cycle Reconsidered: New Estimates of Gross National Product, 1869-1908,"
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- Eisner, Robert, 1969. "Fiscal and Monetary Policy Reconsidered," American Economic Review, American Economic Association, vol. 59(5), pages 897-905, December.
- Bernanke, Ben S, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 1-28, February.
- Ben S. Bernanke, 1994. "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Papers 4814, National Bureau of Economic Research, Inc.
- Nelson, Robert H, 1987. "The Economics Profession and the Making of Public Policy," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 49-91, March. Full references (including those not matched with items on IDEAS)
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