John Maynard Keynes: Is That you Knocking on the Door?
This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper details the decline in the popularity of the Keynesian theory and the return to classical economic principles. The recent crisis necessitates a shift in the way economists understand, theorize, teach and implement macroeconomic policies. The paper suggests some new elements needed in order to mitigate the next inevitable economic and financial crisis.
|Date of creation:||10 Sep 2011|
|Date of revision:|
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- repec:pri:cepsud:207blinder is not listed on IDEAS
- Fogli, Alessandra & Perri, Fabrizio, 2006.
"The 'Great Moderation' and the US External Imbalance,"
CEPR Discussion Papers
6010, C.E.P.R. Discussion Papers.
- Alessandra Fogli & Fabrizio Perri, 2006. "The Great Moderation and the U.S. External Imbalance," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 24(S1), pages 209-225, December.
- Fabrizio Perri & Alessandra Fogli, 2007. "The "great moderation'' and the US external imbalance," 2007 Meeting Papers 41, Society for Economic Dynamics.
- Alessandra Fogli & Fabrizio Perri, 2006. "The "Great Moderation" and the US External Imbalance," NBER Working Papers 12708, National Bureau of Economic Research, Inc.
- Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
- Alan Blinder, 2010.
"Teaching Macro Principles after the Financial Crisis,"
The Journal of Economic Education,
Taylor & Francis Journals, vol. 41(4), pages 385-390, September.
- Alan S. Blinder, 2010. "Teaching Macro Principles after the Financial Crisis," Working Papers 1222, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Ouarda Merrouche & Erlend Nier, 2010. "What Caused the Global Financial Crisis; Evidenceon the Drivers of Financial Imbalances 1999: 2007," IMF Working Papers 10/265, International Monetary Fund.
- Mordecai Kurz & Hehui Jin & Maurizio Motolese, 2005. "Determinants of stock market volatility and risk premia," Annals of Finance, Springer, vol. 1(2), pages 109-147, 07.
- Sheffrin,Steven M., 1996.
Cambridge University Press, number 9780521479394, June.
- Kowalski, Tadeusz, 2002. "The Simonian bounded rationality hypothesis and the expectation formation mechanism," MPRA Paper 33981, University Library of Munich, Germany.
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