Macroeconomics - Knowledge

1688:(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. 58: 1189: 1920: 1887:). 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 1025: 873: 1972:. 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. 6871: 1291: 6835: 5070: 6860: 817: 2381: 2443: 829: 6847: 2336: 1621:, 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. 956:

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.

1371:. 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. 2408:, 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. 1453: 2422:

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.

1131:(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 1757:, 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 2092:, 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 876:

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

2025:. 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 1571:) 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 1772:

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

1563:- 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 2161:, 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 1906:

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

1552:. 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 2193:. 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 1341:

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

2119:. 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 1632:(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 2224:

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

1311:. 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. 1637:

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.

2400:. 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 1260:

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

971:, using taxation and government expenditure or interest rates, respectively, and of policies that can affect living standards in the long term, e.g. by affecting growth rates. 1878:

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

1431: 2427:, to raise the interest rate which will dampen economic activity, hence reducing output. The AS curve is upward sloping following a standard modern 859: 1883:

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

2419:. Since the economy cannot produce beyond the potential output, any AD expansion will lead to higher price levels instead of higher output. 6177: 6133: 3628:"How the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates" 1138:

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.

6214: 4164: 1146:, are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. 2503:

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

4762: 4606: 2299: 2287: 1888: 1350: 530: 378: 984:, but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like 4108: 3383: 1891:, where households' savings rates are not constant as in the Solow model, but derived from an explicit intertemporal 1196:. The relationship demonstrates cyclical unemployment. High short-run GDP growth leads to a lower unemployment rate. 6851: 4697: 2513: 1801:

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

1447: 471: 3205: 2404:, which states that as real prices fall, real wealth increases, resulting in higher consumer demand of goods; the 1469:

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

1797:, led to major reassessment of macroeconomics, which as a field generally had neglected the potential role of 6351: 6207: 5585: 5575: 5268: 5009: 4814: 4611: 2448: 2295: 1903: 576: 383: 5796: 1985:) and medium- and long-run policies targeted at improving the structural levels of macroeconomic variables. 1208:

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

6137: 5713: 5403: 5393: 4757: 4740: 4616: 2559: 2303: 1832: 1806: 1778: 525: 508: 388: 3302: 2177:. When the government takes on spending projects, it limits the amount of resources available for the 1781:. These models are now used by many central banks and are a core part of contemporary macroeconomics. 6506: 6234: 5283: 4638: 3627: 3175: 2856: 2461: 2271: 1884: 1590:. By the 1950s, most economists had accepted the synthesis view of the macroeconomy. Economists like 1192:

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

410: 6839: 6687: 6677: 6474: 6200: 6167: 6113: 5856: 5811: 5650: 5521: 5398: 4840: 4802: 4628: 2748: 2174: 1908: 1899: 1520:. In the first decades of the 20th century monetary theory was dominated by the eminent economists 1505: 1364: 1338: 1245:(also called frictional unemployment) occurs when workers and firms are heterogeneous and there is 599: 564: 400: 5871: 4095:

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

3924: 2310:(CGE) models used for medium-term (structural) questions like international trade or tax reforms, 1648:

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.

1509: 6759: 6479: 6307: 5991: 5836: 5696: 5639: 5595: 5558: 5308: 5248: 5223: 5193: 5166: 5056: 4790: 4596: 4591: 4576: 4543: 4401: 3433:"An International Perspective on Monetary Policy Implementation Systems | Bulletin – June 2022" 2026: 1969: 1937: 1821: 1587: 1541: 1501: 1354: 1120: 1068: 901: 801: 552: 368: 363: 348: 315: 174: 4066: 6682: 6672: 6634: 6607: 6569: 6542: 6452: 6361: 6280: 6270: 6123: 5806: 5781: 5766: 5740: 5679: 5358: 5298: 5278: 5273: 4884: 4859: 4752: 4681: 4406: 4369: 4347: 4342: 4057:

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

4001: 2186: 2089: 2053: 1810: 1798: 1721: 1657: 1653: 1435: 1246: 1128: 945: 641: 616: 520: 453: 179: 142: 120: 115: 1777:(DSGE) models. The fusion of elements from different schools of thought has been dubbed the 6629: 6469: 6442: 6437: 6334: 6172: 5876: 5620: 5590: 5543: 5506: 5432: 5383: 5348: 5288: 5253: 5188: 5171: 4797: 4601: 4445: 4137:

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

2466: 2357: 2283: 2256: 2190: 1989: 1982: 1867: 1846: 1839:), which may potentially also improve understanding of the impact of macroeconomics on the 1724:, which would not adjust, allowing monetary policy to impact quantities instead of prices. 1692: 1564: 1549: 1083: 1052: 1001: 559: 373: 218: 5121: 4242: 3120: 2919:"Phillips Curve: The Concise Encyclopedia of Economics | Library of Economics and Liberty" 1204:

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

8: 6809: 6803: 6729: 6644: 6589: 6464: 6329: 6275: 6102: 5911: 5730: 5630: 5610: 5570: 5526: 5511: 5467: 5408: 5333: 5323: 5293: 5216: 5024: 4889: 4713: 4671: 4411: 4374: 4084: 3074: 2490: 2247: 2233: 2221: 2151: 2120: 2101: 2081: 1879: 1840: 1696: 1685: 1633: 1553: 1470: 1456: 1423: 1383: 1346: 1242: 1188: 1171: 1139: 975: 941: 769: 646: 481: 443: 184: 147: 5771: 5203: 4849: 4042:(Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. 3869:

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).

2416: 2389: 2275: 2267: 2263: 2129: 2085: 2013: 1929: 1859: 1794: 1758: 1742: 1725: 1681: 1614: 1521: 1497: 1399: 1391: 1318: 1278: 1266:, which are important actors in the labor market in some countries, may exercise 1257: 1079: 1056: 968: 905: 833: 736: 696: 676: 542: 343: 338: 333: 300: 272: 132: 4197:(Third ed.). Oxford, United Kingdom New York, NY: Oxford University Press. 3992:

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

3484:"Federal Reserve Board - Monetary Policy: What Are Its Goals? How Does It Work?" 1024: 888:

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

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

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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

2401: 2353: 2239: 2045: 2018: 1960:, the economic system is dependant upon the environment. In this case, the 1933: 1871: 1863: 1766: 1738: 1673:) that would, in principle, be structurally accurate as economies changed. 1603: 1568: 1379: 1368: 1342: 1314: 1274: 1267: 1263: 1201: 1183: 1167: 1018: 909: 821: 746: 691: 651: 438: 310: 277: 267: 225: 102: 97: 3563: 2262:

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

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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

3006: 2520:. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 57. 2344: 2105: 1993: 1304: 1300: 1159: 1151: 921: 885: 779: 621: 252: 137: 92: 3044: 5605: 2813: 2243: 1582:

The generation following Keynes combined the macroeconomics of the

6859: 6192: 2380: 1357:, creating a self-fulfilling inflationary or deflationary spiral. 1322:

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

889: 4065:. Northampton, Massachusetts: Edward Elgar Publishing. pp. 4000:. Northampton, Massachusetts: Edward Elgar Publishing. pp. 3029:"The New Neoclassical Synthesis and the Role of Monetary Policy" 4195:

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

4648: 4423: 2706:"Neely, Christopher J. "Okun's Law: Output and Unemployment. 1676:

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).

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Howitt, Peter; Weil, David N. (2016). "Economic Growth".

2147: 1281:, however, employment effects may have the opposite sign. 1090:. Potential policies to influence these developments are 3763: 3753: 3751: 3736: 3206:"Behavioural economics is also useful in macroeconomics" 2857:"The quantity theory of money in historical perspective" 1353:. Changes in inflation may also impact the formation of 4192: 4145:. Northampton, Massachusetts: Edward Elgar Publishing. 3877:. Northampton, Massachusetts: Edward Elgar Publishing. 3795: 3793: 3780: 3778: 3343: 3319: 2335: 2021:

conduct monetary policy mainly by adjusting short-term

3176:"Macroeconomics with Heterogeneity: A Practical Guide" 2512: 1765:(SAM) models, or imperfections in credit markets like 3931:(2nd ed.). Palgrave Macmillan. pp. 585–91. 3854:(Eighth, global ed.). Harlow, England: Pearson. 3748: 3686:

Watson, Mark W. (2016). "Macroeconomic Forecasting".

3564:"Flexible inflation targeting in theory and practice" 1849:

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

3927:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). 3896:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). 3790: 3775: 3462:. Bank for International Settlements. October 2019. 3331: 2836: 2795: 2438: 981:

The General Theory of Employment, Interest and Money

3361: 3266:Eltis, Walter (2016). "Harrod–Domar Growth Model". 2157:For example, if the economy is producing less than 1914: 4213: 4138: 4096: 4058: 3993: 3870: 2495:"Goodbye, readers, and good luck — you'll need it" 2146:Fiscal policy is the use of government's revenue ( 2080:In developed countries, most central banks follow 1307:. Economists measure these changes in prices with 1000:have made contributions to the development of the 892:as a whole. This includes national, regional, and 3507: 3505: 1535: 1432:Economic and Monetary Union of the European Union 1158:that prevent economies from slipping into either 6889: 4159:Snowdon, Brian, and Howard R. Vane, ed. (2002). 3488:Board of Governors of the Federal Reserve System 1556:, also called Keynesianism or Keynesian theory. 3625: 3204:Ji, Yuemei; De Grauwe, Paul (1 November 2017). 1586:with neoclassical microeconomics to create the 1135:(or debt), the difference may be considerable. 1007: 3923:Durlauf, Steven N.; Hester, Donald D. (2008). 3502: 3026: 2948:Canadian Public Policy / Analyse de Politiques 1567:(his preferred name for what is also known as 1382:macroeconomics deals with the consequences of 1374: 1043:the short run (e.g. a few years): Focus is on 6208: 5098: 4268: 4122:(Fifth ed.). New York, NY: McGraw-Hill. 3922: 3730: 3655: 3417: 3415: 3370:. Vol. 2. Elsevier. pp. 1893–2008. 2100:focus their monetary policy on maintaining a 1784: 1624:Friedman also challenged the original simple 1414:and over longer horizons the accumulation of 853: 3476: 3027:Goodfriend, Marvin; King, Robert G. (1997). 2867:. KOF Swiss Economic Institute, ETH Zurich. 2626: 2624: 2622: 2620: 2618: 2616: 2614: 2612: 2610: 2608: 2606: 2604: 2602: 2600: 2598: 1831:interest in understanding the importance of 1150:can cause short-term drops in output called 4173: 4023:. New Jersey: World Scientific Publishing. 3530: 3431:Baker, Nick; Rafter, Sally (16 June 2022). 3430: 3364:"Chapter 24 - Environmental Macroeconomics" 3203: 2596: 2594: 2592: 2590: 2588: 2586: 2584: 2582: 2580: 2578: 2553: 1254:unemployment because of increased mismatch. 6215: 6201: 5105: 5091: 4275: 4261: 4083:Nakamura, Emi and Jón Steinsson. (2018). " 3900:. Palgrave Macmillan UK. pp. 236–44. 3591: 3412: 3399: 3303:"The Neoclassical Growth Theory Explained" 3230: 3121:"Macroeconomic Research, Present and Past" 2941: 2682: 2680: 2678: 2676: 2674: 2672: 2670: 2668: 2666: 2664: 2185:Some fiscal policy is implemented through 1640: 1512:and later discussed by personalities like 1285: 1234:all have their foundation in some kind of 860: 846: 4243:Macroeconomic Research, Present and Past. 3849: 3656:Arestis, Philip; Sawyer, Malcolm (2003). 3079:American Economic Journal: Macroeconomics 2959: 2895: 2893: 2891: 2889: 2734: 2732: 2730: 2728: 2489: 2154:as instruments to influence the economy. 1707: 1155: 4174:Snowdon, Brian; Vane, Howard R. (2005). 3929:The New Palgrave Dictionary of Economics 3898:The New Palgrave Dictionary of Economics 3894:"Macroeconomics, origins and history of" 3689:The New Palgrave Dictionary of Economics 3665:Levy Economics Institute of Bard College 3626:Hancock, Diana; Passmore, Wayne (2014). 3269:The New Palgrave Dictionary of Economics 3237:. Palgrave Macmillan UK. pp. 1–11. 3234:The New Palgrave Dictionary of Economics 3072: 2575: 2547: 2379: 2334: 2201:Comparison of fiscal and monetary policy 1918: 1451: 1434:, drawing on the research literature on 1289: 1187: 1023: 871: 3972: 3953: 3692:. Palgrave Macmillan UK. pp. 1–3. 3538:"Inflation Targeting: Holding the Line" 3272:. Palgrave Macmillan UK. pp. 1–5. 2661: 2654: 2652: 2650: 2648: 2646: 2644: 2642: 2640: 2638: 2636: 2282:, and long-term growth models like the 2227: 1975: 1422:and the pros and cons of maintaining a 896:. Macroeconomists study topics such as 14: 6890: 4397:Measures of national income and output 4094: 4037: 3991: 3891: 3799: 3784: 3769: 3757: 3742: 3685: 3561: 3185:. National Bureau of Economic Research 2886: 2842: 2725: 2312:Dynamic stochastic general equilibrium 1775:dynamic stochastic general equilibrium 1119:of the economy is usually measured as 170:Measures of national income and output 6196: 5086: 4256: 4211: 4136: 4117: 4056: 3868: 3349: 3337: 3325: 3265: 3212:. Centre for Economic Policy Research 2854: 2848: 2770: 1996:or contractive policy in the case of 1345:will also affect inflation, e.g. the 1249:, generally causing a time-consuming 6846: 4018: 2686:Sørensen and Whitta-Jacobsen (2022). 2633: 2298:. Quantitative models include early 1828:to improve future policy discussions 1418:. An important topic is the role of 1220:or structural rate of unemployment. 1106: 6222: 5182:Agent-based computational economics 4216:Knowledge and the Wealth of Nations 3585: 3573:. Bank of International Settlements 3424: 3173: 1695:by providing the first examples of 24: 4282: 4235: 3300: 3158: 3073:Woodford, Michael (January 2009). 2325: 2300:large-scale macroeconometric model 2007: 1333:, raising inflation rates via the 25: 6909: 4167:& scroll to Contents-preview 4161:An Encyclopedia of Macroeconomics 4141:An Encyclopedia of Macroeconomics 4099:An Encyclopedia of Macroeconomics 4085:Identification in Macroeconomics. 4061:An Encyclopedia of Macroeconomics 4038:Mankiw, Nicholas Gregory (2022). 3996:An Encyclopedia of Macroeconomics 3956:Macroeconomics: theory and policy 3873:An Encyclopedia of Macroeconomics 1862:has followed its own course. The 1548:, initiated what is known as the 1303:. When prices decrease, there is 1002:macroeconomic research mainstream 6869: 6858: 6845: 6834: 6833: 5640:neoclassical–Keynesian synthesis 5069: 5068: 4089:Journal of Economic Perspectives 3698:10.1057/978-1-349-95121-5_2434-1 3278:10.1057/978-1-349-95121-5_1267-1 3243:10.1057/978-1-349-95121-5_2314-1 2441: 2368:incipient rise in money demand. 2135: 1968:which are then used as units of 1915:Environmental and climate issues 1853: 1487: 1448:History of macroeconomic thought 827: 815: 56: 6788:List of social science journals 3958:. New Delhi: Tata McGraw-Hill. 3679: 3649: 3619: 3598:. International Monetary Fund. 3555: 3447: 3355: 3294: 3259: 3224: 3197: 3167: 3112: 3066: 3020: 3011: 2992: 2942:Williamson, Stephen D. (2020). 2935: 2911: 2902: 2789: 2764: 2755: 2741: 2716: 2518:Economics: Principles in Action 2036:, interest rate changes affect 2034:monetary transmission mechanism 1177: 1063:are relevant in this time frame 6745:Science and technology studies 5030:Publications in macroeconomics 4247:Journal of Economic Literature 3562:Ingves, Stefan (12 May 2011). 3125:Journal of Economic Literature 2698: 2689: 2534: 2516:; Sheffrin, Steven M. (2003). 2506: 2483: 2406:Keynes or interest rate effect 2375: 2360:(equivalent to money demand). 2330: 2308:computable general equilibrium 2274:, medium-term models like the 1536:Keynes and Keynesian economics 1441: 1351:2021–2023 global energy crisis 1226:occurs when growth stagnates. 775:Publications in macroeconomics 27:Study of an economy as a whole 13: 1: 5576:Critique of political economy 5112: 5010:Critique of political economy 3977:. Pearson Education Limited. 3838:Blanchard, Olivier. (2009). " 3808: 3376:10.1016/bs.hesmac.2016.04.007 2855:Graff, Michael (April 2008). 2556:Economic theory in retrospect 2542:Notes on Macroeconomic Theory 2449:Business and economics portal 2296:overlapping generations model 1956:. In macroeconomic models in 1609: 1329:in the economy will cause an 1210:discouraged from seeking work 1034: 1029:Circulation in macroeconomics 904:(gross domestic product) and 3513:"Fixed exchange rate policy" 2402:Pigou or real balance effect 1950:integrated assessment models 1646:New classical macroeconomics 1127:from abroad to GDP produces 1047:fluctuations and changes in 1008:Basic macroeconomic concepts 7: 4178:. Edward Elgar Publishing. 3850:Blanchard, Olivier (2021). 3658:"Reinventing fiscal policy" 3542:International Monetary Fund 3435:. Reserve Bank of Australia 3409:. Houghton Mifflin Company. 2944:"The Role of Central Banks" 2434: 2191:discretionary fiscal policy 1944:and the possibilities of a 1375:Open economy macroeconomics 1251:search and matching process 1142:, and better education and 10: 6914: 5714:Real business-cycle theory 4758:New neoclassical synthesis 4741:Real business-cycle theory 3937:10.1057/9780230226203.0855 3906:10.1057/9780230226203.1009 3892:Dimand, Robert W. (2008). 3844:Annual Review of Economics 3368:Handbook of Macroeconomics 3033:NBER Macroeconomics Annual 2802:Journal of Labor Economics 2773:"Involuntary unemployment" 2560:Cambridge University Press 2304:real business cycle models 2288:Ramsey–Cass–Koopmans model 2231: 2139: 2011: 1948:are examined in so-called 1791:2007–2008 financial crisis 1785:2007–2008 financial crisis 1779:new neoclassical synthesis 1445: 1181: 526:New neoclassical synthesis 509:Real business-cycle theory 29: 6829: 6796: 6780: 6527: 6253: 6230: 6154: 6112: 5754: 5488: 5237: 5202: 5120: 5066: 5016: 5004: 4838: 4772: 4705: 4696: 4658: 4553: 4515: 4290: 3973:Gärtner, Manfred (2006). 3829:Resources in your library 3731:Durlauf & Hester 2008 2462:Business cycle accounting 2415:, which corresponds with 2255:or as a basis for making 1885:total factor productivity 1826:correlation and causality 1820:as part of the so-called 1701:microeconomic foundations 1579:can play in the economy. 4763:Saltwater and freshwater 3667:(Working Paper, No. 381) 2908:Snowdon and Vane (2005). 2873:10.3929/ethz-a-005582276 2477: 1909:research and development 1900:endogenous growth theory 1671:microeconomic foundation 1506:quantity theory of money 1365:quantity theory of money 1166:and that lead to higher 1051:which often drive them. 998:new Keynesian economists 531:Saltwater and freshwater 30:Not to be confused with 6433:international relations 5354:Industrial organization 5177:Computational economics 4687:International economics 4612:Overlapping generations 4120:Advanced macroeconomics 1962:circular flow of income 1958:environmental economics 1946:sustainable development 1938:non-renewable resources 1898:In the 1980s and 1990s 1718:sticky prices and wages 1641:New classical economics 1347:oil crises of the 1970s 1286:Inflation and deflation 1094:, incentives to change 459:International economics 384:Overlapping generations 6760:Quantum social science 5559:Modern monetary theory 5224:Experimental economics 5194:Pluralism in economics 5167:Mathematical economics 5057:Mathematical economics 4791:Modern monetary theory 4544:Universal basic income 4019:Levi, Maurice (2014). 3954:Dwivedi, D.N. (2001). 3635:www.federalreserve.gov 2385: 2340: 2027:open market operations 1966:environmental services 1924: 1822:credibility revolution 1816:increased emphasis on 1809:and the dangers of an 1799:financial institutions 1708:New Keynesian response 1588:neoclassical synthesis 1542:neoclassical economics 1502:William Stanley Jevons 1466: 1436:optimum currency areas 1355:inflation expectations 1296: 1197: 1156:macroeconomic policies 1154:. Economists look for 1121:gross domestic product 1069:labour market policies 1053:Stabilization policies 1031: 878: 802:Mathematical economics 553:Modern monetary theory 316:Universal basic income 18:Macroeconomic policies 6797:Other categorizations 6650:International studies 6635:History of technology 6570:Communication studies 6453:public administration 4885:Wesley Clair Mitchell 4860:Thomas Robert Malthus 4682:Development economics 4212:Warsh, David (2006). 4118:Romer, David (2019). 2383: 2338: 2316:integrated assessment 2272:Mundell–Fleming model 2232:Further information: 2187:automatic stabilizers 2140:Further information: 2128:, known in the US as 2090:European Central Bank 2012:Further information: 1990:stabilize the economy 1922: 1807:macroprudential tools 1722:imperfect competition 1658:adaptive expectations 1654:rational expectations 1494:business cycle theory 1455: 1293: 1247:imperfect information 1224:Cyclical unemployment 1191: 1129:gross national income 1027: 946:international finance 875: 642:Wesley Clair Mitchell 617:Thomas Robert Malthus 454:Development economics 6630:Historical sociology 5433:Social choice theory 5189:Behavioral economics 5172:Complexity economics 4607:Ramsey–Cass–Koopmans 4446:Liquidity preference 4249:, 61 (3): 1088-1126. 3137:10.1257/jel.20211609 2961:10.3138/cpp.2019-058 2554:Blaug, Mark (1985), 2467:Economic development 2358:liquidity preference 2302:, the new classical 2257:economic forecasting 2248:macroeconomic models 2228:Macroeconomic models 1983:stabilization policy 1976:Macroeconomic policy 1874:and, independently, 1847:behavioral economics 1693:economic methodology 1666:influential critique 1565:liquidity preference 1550:Keynesian revolution 1510:Martín de Azpilcueta 379:Ramsey–Cass–Koopmans 219:Liquidity preference 6810:Geisteswissenschaft 6804:Behavioral sciences 6730:Political sociology 6645:Information science 6590:Development studies 5517:American (National) 5217:Economic statistics 5025:Macroeconomic model 4890:John Maynard Keynes 4672:Economic statistics 4617:General equilibrium 3091:10.1257/mac.1.1.267 2771:Pettinger, Tejvan. 2499:The Washington Post 2347:model, invented by 2234:Macroeconomic model 2222:fixed exchange rate 2121:quantitative easing 2102:fixed exchange rate 2082:inflation targeting 1889:Ramsey growth model 1880:production function 1841:income distribution 1793:, which led to the 1763:search and matching 1697:general equilibrium 1686:real business cycle 1664:Lucas also made an 1559:In Keynes' theory, 1554:Keynesian economics 1471:John Maynard Keynes 1457:John Maynard Keynes 1424:fixed exchange rate 1384:international trade 1243:Search unemployment 1172:standards of living 1088:demographic changes 976:John Maynard Keynes 951:Macroeconomics and 942:international trade 834:Business portal 770:Macroeconomic model 647:John Maynard Keynes 444:Economic statistics 389:General equilibrium 6865:Society portal 6352:auxiliary sciences 4965:Edward C. Prescott 4677:Monetary economics 3840:The State of Macro 3772:, pp. 387–88. 3745:, pp. 386–87. 3405:Harris J. (2006). 3352:, pp. 202–03. 3328:, pp. 518–19. 3301:Banton, Caroline. 2861:Kof Working Papers 2540:Steve Williamson, 2514:O'Sullivan, Arthur 2386: 2341: 2278:, building upon a 2098:emerging economies 1925: 1678:Edward C. Prescott 1467: 1416:net foreign assets 1297: 1198: 1133:net foreign assets 1123:(GDP). Adding net 1073:competition policy 1032: 914:unemployment rates 879: 722:Edward C. Prescott 449:Monetary economics 6885: 6884: 6725:Political economy 6720:Political ecology 6575:Community studies 6565:Cognitive science 6528:Interdisciplinary 6428:Political science 6190: 6189: 5721:New institutional 5080: 5079: 5052:Political economy 4995:N. Gregory Mankiw 4985:Thomas J. Sargent 4834: 4833: 4825:Market monetarism 4629:Endogenous growth 4458:National accounts 4227:978-0-393-05996-0 4204:978-0-19-885049-6 4129:978-1-260-18521-8 4076:978-1-84542-180-9 4049:978-1-319-26390-4 4030:978-981-4304-34-4 4011:978-1-84542-180-9 3984:978-0-273-70460-7 3965:978-0-07-058841-7 3946:978-0-333-78676-5 3915:978-0-333-78676-5 3884:978-1-84542-180-9 3861:978-0-134-89789-9 3815:Library resources 3707:978-1-349-95121-5 3637:. Federal Reserve 3605:979-8-4002-3526-9 3469:978-92-9259-298-1 3287:978-1-349-95121-5 3252:978-1-349-95121-5 3017:Blanchard (2009). 3003:Surfing Economics 2710:. Number 4. 2010" 2708:Economic Synopses 2630:Blanchard (2021). 2569:978-0-521-31644-6 2527:978-0-13-063085-8 2491:Samuelson, Robert 2472:Growth accounting 2253:exogenous factors 2167:multiplier effect 1904:learning-by-doing 1735:Olivier Blanchard 1596:Franco Modigliani 1573:multiplier effect 1426:system or even a 1107:Output and income 1092:education reforms 870: 869: 797:Political economy 752:N. Gregory Mankiw 742:Thomas J. Sargent 587:Market monetarism 401:Endogenous growth 231:National accounts 16:(Redirected from 6905: 6873: 6863: 6862: 6849: 6848: 6837: 6836: 6740:Regional science 6585:Cultural studies 6560:Business studies 6217: 6210: 6203: 6194: 6193: 5394:Natural resource 5229:Economic history 5155:Mechanism design 5107: 5100: 5093: 5084: 5083: 5072: 5071: 4975:William Nordhaus 4960:Robert Lucas Jr. 4850:François Quesnay 4703: 4702: 4470:Nominal rigidity 4441:Demand for money 4419:Microfoundations 4355:Financial crisis 4335:Effective demand 4305:Aggregate supply 4300:Aggregate demand 4277: 4270: 4263: 4254: 4253: 4231: 4219: 4208: 4189: 4156: 4144: 4133: 4114: 4103:. Edward Elgar. 4102: 4080: 4064: 4053: 4034: 4015: 3999: 3988: 3969: 3950: 3919: 3888: 3876: 3865: 3803: 3797: 3788: 3782: 3773: 3767: 3761: 3755: 3746: 3740: 3734: 3728: 3719: 3718: 3716: 3714: 3683: 3677: 3676: 3674: 3672: 3662: 3653: 3647: 3646: 3644: 3642: 3632: 3623: 3617: 3616: 3614: 3612: 3589: 3583: 3582: 3580: 3578: 3568: 3559: 3553: 3552: 3550: 3548: 3534: 3528: 3527: 3525: 3523: 3509: 3500: 3499: 3497: 3495: 3480: 3474: 3473: 3461: 3451: 3445: 3444: 3442: 3440: 3428: 3422: 3419: 3410: 3403: 3397: 3396: 3394: 3392: 3359: 3353: 3347: 3341: 3335: 3329: 3323: 3317: 3316: 3314: 3313: 3298: 3292: 3291: 3263: 3257: 3256: 3228: 3222: 3221: 3219: 3217: 3201: 3195: 3194: 3192: 3190: 3180: 3174:Guvenen, Fatih. 3171: 3165: 3162: 3156: 3155: 3153: 3151: 3131:(3): 1088–1126. 3116: 3110: 3109: 3107: 3105: 3070: 3064: 3063: 3061: 3059: 3024: 3018: 3015: 3009: 2996: 2990: 2989: 2963: 2939: 2933: 2932: 2930: 2929: 2915: 2909: 2906: 2900: 2897: 2884: 2883: 2881: 2879: 2852: 2846: 2840: 2834: 2833: 2793: 2787: 2786: 2784: 2783: 2768: 2762: 2761:Dwivedi, 444–45. 2759: 2753: 2752: 2749:"Freeman (2008)" 2745: 2739: 2736: 2723: 2720: 2714: 2713: 2702: 2696: 2695:Dwivedi, 445–46. 2693: 2687: 2684: 2659: 2656: 2631: 2628: 2573: 2572: 2551: 2545: 2538: 2532: 2531: 2510: 2504: 2502: 2487: 2451: 2446: 2445: 2425:inflation target 2413:potential output 2398:aggregate supply 2394:aggregate demand 2159:potential output 2070:aggregate demand 1954:William Nordhaus 1893:utility function 1868:Solow–Swan model 1759:efficiency wages 1755:Michael Woodford 1699:models based on 1619:Great Depression 1561:aggregate demand 1412:balance of trade 1392:financial assets 1327:aggregate demand 1049:aggregate demand 1015:closed economies 894:global economies 862: 855: 848: 832: 831: 822:Money portal 820: 819: 818: 732:William Nordhaus 717:Robert Lucas Jr. 607:François Quesnay 243:Nominal rigidity 214:Demand for money 192:Microfoundations 128:Financial crisis 108:Effective demand 78:Aggregate supply 73:Aggregate demand 60: 37: 36: 21: 6913: 6912: 6908: 6907: 6906: 6904: 6903: 6902: 6888: 6887: 6886: 6881: 6857: 6825: 6792: 6776: 6750:Science studies 6534:Administration 6523: 6249: 6226: 6224:Social sciences 6221: 6191: 6186: 6183:Business portal 6150: 6149: 6148: 6108: 5872:von Böhm-Bawerk 5760: 5759: 5750: 5522:Ancient thought 5500: 5499: 5493: 5484: 5483: 5482: 5233: 5198: 5150:Contract theory 5135:Decision theory 5116: 5111: 5081: 5076: 5062: 5061: 5060: 5012: 5000: 4999: 4998: 4980:Joseph Stiglitz 4940:Milton Friedman 4920:Friedrich Hayek 4841:macroeconomists 4830: 4829: 4828: 4768: 4767: 4766: 4692: 4691: 4690: 4654: 4653: 4652: 4639:Mundell–Fleming 4634:Matching theory 4572:Keynesian cross 4549: 4548: 4547: 4511: 4510: 4509: 4286: 4281: 4238: 4236:Further reading 4228: 4205: 4186: 4153: 4130: 4111: 4077: 4050: 4031: 4012: 3985: 3966: 3947: 3916: 3885: 3862: 3835: 3834: 3833: 3823: 3822: 3818: 3811: 3806: 3798: 3791: 3783: 3776: 3768: 3764: 3756: 3749: 3741: 3737: 3729: 3722: 3712: 3710: 3708: 3684: 3680: 3670: 3668: 3660: 3654: 3650: 3640: 3638: 3630: 3624: 3620: 3610: 3608: 3606: 3590: 3586: 3576: 3574: 3566: 3560: 3556: 3546: 3544: 3536: 3535: 3531: 3521: 3519: 3511: 3510: 3503: 3493: 3491: 3482: 3481: 3477: 3470: 3459: 3453: 3452: 3448: 3438: 3436: 3429: 3425: 3420: 3413: 3404: 3400: 3390: 3388: 3386: 3360: 3356: 3348: 3344: 3336: 3332: 3324: 3320: 3311: 3309: 3299: 3295: 3288: 3264: 3260: 3253: 3229: 3225: 3215: 3213: 3202: 3198: 3188: 3186: 3178: 3172: 3168: 3163: 3159: 3149: 3147: 3117: 3113: 3103: 3101: 3071: 3067: 3057: 3055: 3045:10.2307/3585232 3025: 3021: 3016: 3012: 3001:, Chapter 4 of 2997: 2993: 2940: 2936: 2927: 2925: 2923:www.econlib.org 2917: 2916: 2912: 2907: 2903: 2898: 2887: 2877: 2875: 2853: 2849: 2841: 2837: 2794: 2790: 2781: 2779: 2769: 2765: 2760: 2756: 2747: 2746: 2742: 2737: 2726: 2721: 2717: 2704: 2703: 2699: 2694: 2690: 2685: 2662: 2657: 2634: 2629: 2576: 2570: 2552: 2548: 2539: 2535: 2528: 2511: 2507: 2488: 2484: 2480: 2447: 2440: 2437: 2417:full employment 2378: 2333: 2328: 2326:Specific models 2306:, microfounded 2264:Keynesian cross 2236: 2230: 2203: 2144: 2138: 2130:Operation Twist 2086:Federal Reserve 2016: 2014:Monetary policy 2010: 2008:Monetary policy 1978: 1952:, pioneered by 1930:Joseph Stiglitz 1917: 1860:economic growth 1856: 1795:Great Recession 1787: 1743:Julio Rotemberg 1726:Stanley Fischer 1710: 1682:Finn E. Kydland 1643: 1615:Milton Friedman 1612: 1538: 1522:Alfred Marshall 1498:monetary theory 1490: 1450: 1444: 1400:labor migration 1377: 1319:monetary policy 1315:Central bankers 1288: 1279:monopsony power 1258:Efficiency wage 1186: 1180: 1148:Business cycles 1109: 1098:or to increase 1080:economic growth 1057:monetary policy 1037: 1010: 969:monetary policy 906:national income 884:is a branch of 866: 826: 816: 814: 807: 806: 765: 757: 756: 737:Joseph Stiglitz 697:Milton Friedman 677:Friedrich Hayek 602: 592: 591: 474: 464: 463: 434: 426: 425: 411:Mundell–Fleming 406:Matching theory 344:Keynesian cross 329: 321: 320: 291: 283: 282: 68: 35: 28: 23: 22: 15: 12: 11: 5: 6911: 6901: 6900: 6898:Macroeconomics 6883: 6882: 6880: 6879: 6867: 6855: 6843: 6830: 6827: 6826: 6824: 6823: 6818: 6813: 6806: 6800: 6798: 6794: 6793: 6791: 6790: 6784: 6782: 6778: 6777: 6775: 6774: 6769: 6764: 6763: 6762: 6757: 6747: 6742: 6737: 6732: 6727: 6722: 6717: 6716: 6715: 6710: 6705: 6697: 6696: 6695: 6693:social science 6690: 6685: 6680: 6675: 6667: 6662: 6657: 6652: 6647: 6642: 6637: 6632: 6627: 6625:Global studies 6622: 6620:Gender studies 6617: 6612: 6611: 6610: 6605: 6603:social science 6599:Environmental 6597: 6592: 6587: 6582: 6577: 6572: 6567: 6562: 6557: 6552: 6547: 6546: 6545: 6540: 6531: 6529: 6525: 6524: 6522: 6521: 6520: 6519: 6514: 6509: 6504: 6499: 6489: 6488: 6487: 6482: 6477: 6472: 6467: 6457: 6456: 6455: 6450: 6445: 6440: 6435: 6425: 6424: 6423: 6413: 6412: 6411: 6406: 6401: 6396: 6391: 6381: 6380: 6379: 6374: 6369: 6364: 6359: 6354: 6349: 6339: 6338: 6337: 6332: 6327: 6322: 6312: 6311: 6310: 6305: 6300: 6298:macroeconomics 6295: 6293:microeconomics 6285: 6284: 6283: 6278: 6273: 6268: 6257: 6255: 6251: 6250: 6248: 6247: 6242: 6237: 6231: 6228: 6227: 6220: 6219: 6212: 6205: 6197: 6188: 6187: 6185: 6180: 6175: 6170: 6165: 6160: 6155: 6152: 6151: 6147: 6146: 6141: 6131: 6126: 6120: 6119: 6118: 6116: 6110: 6109: 6107: 6106: 6099: 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: 5763: 5761: 5755: 5752: 5751: 5749: 5748: 5743: 5738: 5733: 5728: 5723: 5718: 5717: 5716: 5706: 5705: 5704: 5694: 5689: 5684: 5683: 5682: 5672: 5667: 5662: 5661: 5660: 5659: 5658: 5648: 5643: 5628: 5623: 5618: 5613: 5608: 5603: 5598: 5593: 5588: 5586:Disequilibrium 5583: 5578: 5573: 5568: 5563: 5562: 5561: 5551: 5546: 5541: 5536: 5535: 5534: 5524: 5519: 5514: 5509: 5503: 5501: 5489: 5486: 5485: 5481: 5480: 5475: 5470: 5465: 5460: 5455: 5450: 5445: 5440: 5435: 5426: 5421: 5416: 5411: 5406: 5401: 5399:Organizational 5396: 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: 5245: 5244: 5243: 5241: 5235: 5234: 5232: 5231: 5226: 5221: 5220: 5219: 5208: 5206: 5200: 5199: 5197: 5196: 5191: 5186: 5185: 5184: 5174: 5169: 5164: 5162:Macroeconomics 5159: 5158: 5157: 5152: 5147: 5142: 5137: 5130:Microeconomics 5126: 5124: 5118: 5117: 5110: 5109: 5102: 5095: 5087: 5078: 5077: 5067: 5064: 5063: 5059: 5054: 5049: 5047:Microeconomics 5044: 5043: 5042: 5032: 5027: 5022: 5021: 5020: 5018: 5014: 5013: 5008: 5006: 5002: 5001: 4997: 4992: 4987: 4982: 4977: 4972: 4967: 4962: 4957: 4952: 4950:Lawrence Klein 4947: 4945:Paul Samuelson 4942: 4937: 4932: 4927: 4922: 4917: 4912: 4907: 4902: 4900:Michał Kalecki 4897: 4892: 4887: 4882: 4877: 4872: 4867: 4862: 4857: 4852: 4847: 4846: 4845: 4843: 4836: 4835: 4832: 4831: 4827: 4822: 4817: 4815:Disequilibrium 4812: 4811: 4810: 4803:Post-Keynesian 4800: 4795: 4794: 4793: 4783: 4778: 4777: 4776: 4774: 4770: 4769: 4765: 4760: 4755: 4750: 4745: 4744: 4743: 4733: 4728: 4727: 4726: 4721: 4711: 4710: 4709: 4707: 4700: 4694: 4693: 4689: 4684: 4679: 4674: 4669: 4664: 4663: 4662: 4660: 4659:Related fields 4656: 4655: 4651: 4646: 4641: 4636: 4631: 4626: 4625: 4624: 4614: 4609: 4604: 4599: 4594: 4589: 4587:Phillips curve 4584: 4579: 4574: 4569: 4564: 4559: 4558: 4557: 4555: 4551: 4550: 4546: 4541: 4536: 4531: 4526: 4521: 4520: 4519: 4517: 4513: 4512: 4508: 4507: 4502: 4497: 4492: 4487: 4482: 4477: 4472: 4467: 4466: 4465: 4455: 4450: 4449: 4448: 4438: 4436:Money creation 4433: 4432: 4431: 4421: 4416: 4415: 4414: 4409: 4404: 4394: 4392:Liquidity trap 4389: 4384: 4379: 4378: 4377: 4372: 4362: 4357: 4352: 4351: 4350: 4345: 4337: 4332: 4327: 4322: 4317: 4312: 4310:Business cycle 4307: 4302: 4296: 4295: 4294: 4292: 4291:Basic concepts 4288: 4287: 4284:Macroeconomics 4280: 4279: 4272: 4265: 4257: 4251: 4250: 4237: 4234: 4233: 4232: 4226: 4209: 4203: 4190: 4184: 4171: 4157: 4151: 4134: 4128: 4115: 4109: 4092: 4081: 4075: 4054: 4048: 4040:Macroeconomics 4035: 4029: 4016: 4010: 3989: 3983: 3975:Macroeconomics 3970: 3964: 3951: 3945: 3920: 3914: 3889: 3883: 3866: 3860: 3852:Macroeconomics 3847: 3846:1(1): 209–228. 3832: 3831: 3825: 3824: 3820:Macroeconomics 3813: 3812: 3810: 3807: 3805: 3804: 3789: 3774: 3762: 3760:, p. 387. 3747: 3735: 3720: 3706: 3678: 3648: 3618: 3604: 3584: 3554: 3529: 3517:Nationalbanken 3501: 3490:. 29 July 2021 3475: 3468: 3446: 3423: 3411: 3398: 3384: 3354: 3342: 3340:, p. 519. 3330: 3318: 3293: 3286: 3258: 3251: 3223: 3196: 3166: 3157: 3111: 3085:(1): 267–279. 3065: 3019: 3010: 2991: 2954:(2): 198–213. 2934: 2910: 2901: 2899:Dimand (2008). 2885: 2847: 2835: 2814:10.1086/209911 2788: 2777:Economics Help 2763: 2754: 2740: 2738:Mankiw (2022). 2724: 2715: 2697: 2688: 2660: 2632: 2574: 2568: 2546: 2533: 2526: 2505: 2481: 2479: 2476: 2475: 2474: 2469: 2464: 2459: 2457:Microeconomics 2453: 2452: 2436: 2433: 2429:Phillips curve 2377: 2374: 2332: 2329: 2327: 2324: 2280:Phillips curve 2229: 2226: 2217:liquidity trap 2202: 2199: 2179:private sector 2137: 2134: 2117:liquidity trap 2068:. In this way 2056:, and through 2023:interest rates 2009: 2006: 1977: 1974: 1942:climate change 1916: 1913: 1870:worked out by 1855: 1852: 1851: 1850: 1843: 1829: 1818:empirical work 1814: 1786: 1783: 1730:John B. Taylor 1709: 1706: 1642: 1639: 1626:Phillips curve 1611: 1608: 1592:Paul Samuelson 1584:General Theory 1577:animal spirits 1546:General Theory 1537: 1534: 1489: 1486: 1446:Main article: 1443: 1440: 1428:currency union 1420:exchange rates 1396:factor markets 1376: 1373: 1335:Phillips curve 1287: 1284: 1283: 1282: 1271: 1261: 1255: 1236:market failure 1200:The amount of 1182:Main article: 1179: 1176: 1125:factor incomes 1108: 1105: 1104: 1103: 1076: 1064: 1045:business cycle 1036: 1033: 1019:open economies 1009: 1006: 978:published his 961:business cycle 953:microeconomics 882:Macroeconomics 868: 867: 865: 864: 857: 850: 842: 839: 838: 837: 836: 824: 809: 808: 805: 804: 799: 794: 792:Microeconomics 789: 788: 787: 777: 772: 766: 763: 762: 759: 758: 755: 754: 749: 744: 739: 734: 729: 724: 719: 714: 709: 707:Lawrence Klein 704: 702:Paul Samuelson 699: 694: 689: 684: 679: 674: 669: 664: 659: 657:Michał Kalecki 654: 649: 644: 639: 634: 629: 624: 619: 614: 609: 603: 598: 597: 594: 593: 590: 589: 584: 579: 577:Disequilibrium 574: 573: 572: 565:Post-Keynesian 562: 557: 556: 555: 545: 534: 533: 528: 523: 518: 513: 512: 511: 501: 496: 495: 494: 489: 475: 470: 469: 466: 465: 462: 461: 456: 451: 446: 441: 435: 433:Related fields 432: 431: 428: 427: 424: 423: 418: 413: 408: 403: 398: 397: 396: 386: 381: 376: 371: 366: 361: 359:Phillips curve 356: 351: 346: 341: 336: 330: 327: 326: 323: 322: 319: 318: 313: 308: 303: 298: 292: 289: 288: 285: 284: 281: 280: 275: 270: 265: 260: 255: 250: 245: 240: 239: 238: 228: 223: 222: 221: 211: 209:Money creation 206: 205: 204: 194: 189: 188: 187: 182: 177: 167: 165:Liquidity trap 162: 157: 152: 151: 150: 145: 135: 130: 125: 124: 123: 118: 110: 105: 100: 95: 90: 85: 83:Business cycle 80: 75: 69: 67:Basic concepts 66: 65: 62: 61: 53: 52: 50:Macroeconomics 46: 45: 32:Microeconomics 26: 9: 6: 4: 3: 2: 6910: 6899: 6896: 6895: 6893: 6878: 6877: 6872: 6868: 6866: 6861: 6856: 6854: 6853: 6844: 6842: 6841: 6832: 6831: 6828: 6822: 6819: 6817: 6816:Human science 6814: 6812: 6811: 6807: 6805: 6802: 6801: 6799: 6795: 6789: 6786: 6785: 6783: 6779: 6773: 6772:Vegan studies 6770: 6768: 6765: 6761: 6758: 6756: 6753: 6752: 6751: 6748: 6746: 6743: 6741: 6738: 6736: 6735:Public health 6733: 6731: 6728: 6726: 6723: 6721: 6718: 6714: 6711: 6709: 6706: 6704: 6701: 6700: 6698: 6694: 6691: 6689: 6686: 6684: 6681: 6679: 6676: 6674: 6671: 6670: 6669:Philosophies 6668: 6666: 6665:Media studies 6663: 6661: 6658: 6656: 6653: 6651: 6648: 6646: 6643: 6641: 6640:Human ecology 6638: 6636: 6633: 6631: 6628: 6626: 6623: 6621: 6618: 6616: 6613: 6609: 6606: 6604: 6601: 6600: 6598: 6596: 6593: 6591: 6588: 6586: 6583: 6581: 6578: 6576: 6573: 6571: 6568: 6566: 6563: 6561: 6558: 6556: 6553: 6551: 6550:Anthrozoology 6548: 6544: 6541: 6539: 6536: 6535: 6533: 6532: 6530: 6526: 6518: 6515: 6513: 6510: 6508: 6505: 6503: 6500: 6498: 6495: 6494: 6493: 6490: 6486: 6483: 6481: 6478: 6476: 6475:developmental 6473: 6471: 6468: 6466: 6463: 6462: 6461: 6458: 6454: 6451: 6449: 6448:public policy 6446: 6444: 6441: 6439: 6436: 6434: 6431: 6430: 6429: 6426: 6422: 6419: 6418: 6417: 6414: 6410: 6407: 6405: 6402: 6400: 6399:legal systems 6397: 6395: 6394:legal history 6392: 6390: 6389:jurisprudence 6387: 6386: 6385: 6382: 6378: 6375: 6373: 6370: 6368: 6365: 6363: 6360: 6358: 6355: 6353: 6350: 6348: 6345: 6344: 6343: 6340: 6336: 6333: 6331: 6328: 6326: 6323: 6321: 6318: 6317: 6316: 6313: 6309: 6306: 6304: 6301: 6299: 6296: 6294: 6291: 6290: 6289: 6286: 6282: 6279: 6277: 6274: 6272: 6269: 6267: 6264: 6263: 6262: 6259: 6258: 6256: 6252: 6246: 6243: 6241: 6238: 6236: 6233: 6232: 6229: 6225: 6218: 6213: 6211: 6206: 6204: 6199: 6198: 6195: 6184: 6181: 6179: 6176: 6174: 6171: 6169: 6166: 6164: 6161: 6159: 6156: 6153: 6145: 6142: 6139: 6135: 6132: 6130: 6127: 6125: 6122: 6121: 6117: 6115: 6111: 6105: 6104: 6100: 6098: 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: 5767:de Mandeville 5765: 5764: 5762: 5758: 5753: 5747: 5744: 5742: 5739: 5737: 5734: 5732: 5729: 5727: 5724: 5722: 5719: 5715: 5712: 5711: 5710: 5709:New classical 5707: 5703: 5700: 5699: 5698: 5695: 5693: 5690: 5688: 5685: 5681: 5678: 5677: 5676: 5673: 5671: 5668: 5666: 5665:Malthusianism 5663: 5657: 5654: 5653: 5652: 5649: 5647: 5644: 5641: 5637: 5634: 5633: 5632: 5629: 5627: 5626:Institutional 5624: 5622: 5619: 5617: 5614: 5612: 5609: 5607: 5604: 5602: 5599: 5597: 5594: 5592: 5589: 5587: 5584: 5582: 5579: 5577: 5574: 5572: 5569: 5567: 5564: 5560: 5557: 5556: 5555: 5552: 5550: 5547: 5545: 5542: 5540: 5537: 5533: 5530: 5529: 5528: 5525: 5523: 5520: 5518: 5515: 5513: 5510: 5508: 5505: 5504: 5502: 5497: 5492: 5487: 5479: 5476: 5474: 5471: 5469: 5466: 5464: 5461: 5459: 5456: 5454: 5451: 5449: 5446: 5444: 5441: 5439: 5436: 5434: 5430: 5429:Public choice 5427: 5425: 5422: 5420: 5417: 5415: 5412: 5410: 5407: 5405: 5404:Participation 5402: 5400: 5397: 5395: 5392: 5390: 5387: 5385: 5382: 5380: 5377: 5375: 5372: 5370: 5367: 5365: 5364:Institutional 5362: 5360: 5357: 5355: 5352: 5350: 5347: 5345: 5342: 5340: 5337: 5335: 5332: 5330: 5327: 5325: 5322: 5320: 5317: 5315: 5314:Expeditionary 5312: 5310: 5307: 5305: 5304:Environmental 5302: 5300: 5297: 5295: 5292: 5290: 5287: 5285: 5282: 5280: 5277: 5275: 5272: 5270: 5267: 5265: 5262: 5260: 5257: 5255: 5252: 5250: 5247: 5246: 5242: 5240: 5236: 5230: 5227: 5225: 5222: 5218: 5215: 5214: 5213: 5210: 5209: 5207: 5205: 5201: 5195: 5192: 5190: 5187: 5183: 5180: 5179: 5178: 5175: 5173: 5170: 5168: 5165: 5163: 5160: 5156: 5153: 5151: 5148: 5146: 5143: 5141: 5138: 5136: 5133: 5132: 5131: 5128: 5127: 5125: 5123: 5119: 5115: 5108: 5103: 5101: 5096: 5094: 5089: 5088: 5085: 5075: 5065: 5058: 5055: 5053: 5050: 5048: 5045: 5041: 5038: 5037: 5036: 5033: 5031: 5028: 5026: 5023: 5019: 5015: 5011: 5007: 5003: 4996: 4993: 4991: 4988: 4986: 4983: 4981: 4978: 4976: 4973: 4971: 4970:Peter Diamond 4968: 4966: 4963: 4961: 4958: 4956: 4955:Edmund Phelps 4953: 4951: 4948: 4946: 4943: 4941: 4938: 4936: 4933: 4931: 4930:Richard Stone 4928: 4926: 4923: 4921: 4918: 4916: 4915:Joan Robinson 4913: 4911: 4910:Simon Kuznets 4908: 4906: 4905:Gunnar Myrdal 4903: 4901: 4898: 4896: 4893: 4891: 4888: 4886: 4883: 4881: 4880:Irving Fisher 4878: 4876: 4875:Knut Wicksell 4873: 4871: 4868: 4866: 4863: 4861: 4858: 4856: 4853: 4851: 4848: 4844: 4842: 4837: 4826: 4823: 4821: 4818: 4816: 4813: 4809: 4806: 4805: 4804: 4801: 4799: 4796: 4792: 4789: 4788: 4787: 4784: 4782: 4779: 4775: 4771: 4764: 4761: 4759: 4756: 4754: 4751: 4749: 4746: 4742: 4739: 4738: 4737: 4736:New classical 4734: 4732: 4729: 4725: 4722: 4720: 4717: 4716: 4715: 4712: 4708: 4704: 4701: 4699: 4695: 4688: 4685: 4683: 4680: 4678: 4675: 4673: 4670: 4668: 4665: 4661: 4657: 4650: 4647: 4645: 4642: 4640: 4637: 4635: 4632: 4630: 4627: 4623: 4620: 4619: 4618: 4615: 4613: 4610: 4608: 4605: 4603: 4600: 4598: 4595: 4593: 4590: 4588: 4585: 4583: 4580: 4578: 4575: 4573: 4570: 4568: 4565: 4563: 4560: 4556: 4552: 4545: 4542: 4540: 4537: 4535: 4532: 4530: 4527: 4525: 4522: 4518: 4514: 4506: 4503: 4501: 4498: 4496: 4493: 4491: 4488: 4486: 4485:Shrinkflation 4483: 4481: 4478: 4476: 4473: 4471: 4468: 4464: 4461: 4460: 4459: 4456: 4454: 4451: 4447: 4444: 4443: 4442: 4439: 4437: 4434: 4430: 4427: 4426: 4425: 4422: 4420: 4417: 4413: 4410: 4408: 4405: 4403: 4400: 4399: 4398: 4395: 4393: 4390: 4388: 4385: 4383: 4382:Interest rate 4380: 4376: 4373: 4371: 4368: 4367: 4366: 4363: 4361: 4358: 4356: 4353: 4349: 4346: 4344: 4341: 4340: 4339:Expectations 4338: 4336: 4333: 4331: 4328: 4326: 4323: 4321: 4318: 4316: 4313: 4311: 4308: 4306: 4303: 4301: 4298: 4297: 4293: 4289: 4285: 4278: 4273: 4271: 4266: 4264: 4259: 4258: 4255: 4248: 4244: 4240: 4239: 4229: 4223: 4218: 4217: 4210: 4206: 4200: 4196: 4191: 4187: 4181: 4177: 4172: 4170: 4166: 4162: 4158: 4154: 4148: 4143: 4142: 4135: 4131: 4125: 4121: 4116: 4112: 4110:9781840643879 4106: 4101: 4100: 4093: 4091:32(3): 59–86. 4090: 4086: 4082: 4078: 4072: 4068: 4063: 4062: 4055: 4051: 4045: 4041: 4036: 4032: 4026: 4022: 4017: 4013: 4007: 4003: 3998: 3997: 3990: 3986: 3980: 3976: 3971: 3967: 3961: 3957: 3952: 3948: 3942: 3938: 3934: 3930: 3926: 3921: 3917: 3911: 3907: 3903: 3899: 3895: 3890: 3886: 3880: 3875: 3874: 3867: 3863: 3857: 3853: 3848: 3845: 3841: 3837: 3836: 3830: 3827: 3826: 3821: 3816: 3802:, p. 13. 3801: 3796: 3794: 3787:, p. 12. 3786: 3781: 3779: 3771: 3766: 3759: 3754: 3752: 3744: 3739: 3732: 3727: 3725: 3709: 3703: 3699: 3695: 3691: 3690: 3682: 3666: 3659: 3652: 3636: 3629: 3622: 3607: 3601: 3597: 3596: 3588: 3572: 3565: 3558: 3543: 3539: 3533: 3518: 3514: 3508: 3506: 3489: 3485: 3479: 3471: 3465: 3458: 3457: 3450: 3434: 3427: 3418: 3416: 3408: 3402: 3387: 3385:9780444594877 3381: 3377: 3373: 3369: 3365: 3358: 3351: 3346: 3339: 3334: 3327: 3322: 3308: 3304: 3297: 3289: 3283: 3279: 3275: 3271: 3270: 3262: 3254: 3248: 3244: 3240: 3236: 3235: 3227: 3211: 3207: 3200: 3184: 3177: 3170: 3161: 3146: 3142: 3138: 3134: 3130: 3126: 3122: 3115: 3100: 3096: 3092: 3088: 3084: 3080: 3076: 3069: 3054: 3050: 3046: 3042: 3038: 3034: 3030: 3023: 3014: 3008: 3004: 3000: 2995: 2987: 2983: 2979: 2975: 2971: 2967: 2962: 2957: 2953: 2949: 2945: 2938: 2924: 2920: 2914: 2905: 2896: 2894: 2892: 2890: 2874: 2870: 2866: 2862: 2858: 2851: 2845:, p. 98. 2844: 2839: 2831: 2827: 2823: 2819: 2815: 2811: 2807: 2803: 2799: 2792: 2778: 2774: 2767: 2758: 2750: 2744: 2735: 2733: 2731: 2729: 2722:Dwivedi, 443. 2719: 2711: 2709: 2701: 2692: 2683: 2681: 2679: 2677: 2675: 2673: 2671: 2669: 2667: 2665: 2658:Romer (2019). 2655: 2653: 2651: 2649: 2647: 2645: 2643: 2641: 2639: 2637: 2627: 2625: 2623: 2621: 2619: 2617: 2615: 2613: 2611: 2609: 2607: 2605: 2603: 2601: 2599: 2597: 2595: 2593: 2591: 2589: 2587: 2585: 2583: 2581: 2579: 2571: 2565: 2561: 2558:, Cambridge: 2557: 2550: 2543: 2537: 2529: 2523: 2519: 2515: 2509: 2500: 2496: 2492: 2486: 2482: 2473: 2470: 2468: 2465: 2463: 2460: 2458: 2455: 2454: 2450: 2444: 2439: 2432: 2430: 2426: 2420: 2418: 2414: 2409: 2407: 2403: 2399: 2395: 2391: 2382: 2373: 2369: 2365: 2361: 2359: 2355: 2350: 2346: 2337: 2323: 2321: 2317: 2313: 2309: 2305: 2301: 2297: 2293: 2292:Peter Diamond 2289: 2285: 2281: 2277: 2273: 2269: 2265: 2260: 2258: 2254: 2249: 2245: 2241: 2235: 2225: 2223: 2218: 2213: 2209: 2198: 2196: 2192: 2188: 2183: 2180: 2176: 2171: 2168: 2165:. There is a 2164: 2160: 2155: 2153: 2149: 2143: 2142:Fiscal policy 2136:Fiscal policy 2133: 2131: 2127: 2122: 2118: 2113: 2111: 2107: 2103: 2099: 2095: 2091: 2087: 2083: 2078: 2075: 2071: 2067: 2063: 2059: 2058:exchange rate 2055: 2051: 2047: 2043: 2039: 2035: 2030: 2028: 2024: 2020: 2019:Central banks 2015: 2005: 2001: 1999: 1995: 1991: 1986: 1984: 1973: 1971: 1967: 1963: 1959: 1955: 1951: 1947: 1943: 1939: 1935: 1931: 1921: 1912: 1910: 1905: 1901: 1896: 1894: 1890: 1886: 1881: 1877: 1873: 1869: 1865: 1861: 1854:Growth models 1848: 1844: 1842: 1838: 1834: 1833:heterogeneity 1830: 1827: 1823: 1819: 1815: 1812: 1811:unsustainable 1808: 1804: 1803: 1802: 1800: 1796: 1792: 1782: 1780: 1776: 1770: 1768: 1764: 1760: 1756: 1752: 1748: 1744: 1740: 1736: 1731: 1727: 1723: 1719: 1714: 1713:New Keynesian 1705: 1702: 1698: 1694: 1689: 1687: 1683: 1679: 1674: 1672: 1667: 1662: 1659: 1655: 1651: 1647: 1638: 1635: 1631: 1630:Edmund Phelps 1627: 1622: 1620: 1616: 1607: 1605: 1601: 1597: 1593: 1589: 1585: 1580: 1578: 1574: 1570: 1566: 1562: 1557: 1555: 1551: 1547: 1543: 1533: 1531: 1530:Irving Fisher 1527: 1526:Knut Wicksell 1523: 1519: 1515: 1511: 1507: 1503: 1499: 1495: 1488:Before Keynes 1485: 1482: 1481:Ragnar Frisch 1478: 1477: 1472: 1464: 1463: 1458: 1454: 1449: 1439: 1437: 1433: 1429: 1425: 1421: 1417: 1413: 1409: 1405: 1401: 1397: 1394:and possibly 1393: 1389: 1385: 1381: 1372: 1370: 1366: 1363: 1358: 1356: 1352: 1348: 1344: 1343:supply shocks 1340: 1336: 1332: 1328: 1323: 1320: 1316: 1312: 1310: 1309:price indexes 1306: 1302: 1292: 1280: 1276: 1275:minimum wages 1272: 1269: 1265: 1262: 1259: 1256: 1252: 1248: 1244: 1241: 1240: 1239: 1237: 1231: 1229: 1225: 1221: 1219: 1213: 1211: 1207: 1203: 1195: 1190: 1185: 1175: 1173: 1169: 1165: 1161: 1157: 1153: 1149: 1145: 1144:human capital 1141: 1136: 1134: 1130: 1126: 1122: 1118: 1114: 1101: 1097: 1093: 1089: 1085: 1081: 1077: 1074: 1070: 1065: 1062: 1061:fiscal policy 1058: 1054: 1050: 1046: 1042: 1041: 1040: 1030: 1026: 1022: 1020: 1016: 1005: 1003: 999: 995: 994:new classical 991: 987: 983: 982: 977: 972: 970: 966: 962: 957: 954: 949: 947: 943: 939: 935: 931: 927: 923: 919: 918:price indices 915: 911: 907: 903: 899: 895: 891: 887: 883: 874: 863: 858: 856: 851: 849: 844: 843: 841: 840: 835: 830: 825: 823: 813: 812: 811: 810: 803: 800: 798: 795: 793: 790: 786: 783: 782: 781: 778: 776: 773: 771: 768: 767: 761: 760: 753: 750: 748: 745: 743: 740: 738: 735: 733: 730: 728: 727:Peter Diamond 725: 723: 720: 718: 715: 713: 712:Edmund Phelps 710: 708: 705: 703: 700: 698: 695: 693: 690: 688: 687:Richard Stone 685: 683: 680: 678: 675: 673: 672:Joan Robinson 670: 668: 667:Simon Kuznets 665: 663: 662:Gunnar Myrdal 660: 658: 655: 653: 650: 648: 645: 643: 640: 638: 637:Irving Fisher 635: 633: 632:Knut Wicksell 630: 628: 625: 623: 620: 618: 615: 613: 610: 608: 605: 604: 601: 596: 595: 588: 585: 583: 580: 578: 575: 571: 568: 567: 566: 563: 561: 558: 554: 551: 550: 549: 546: 544: 541: 540: 539: 538: 532: 529: 527: 524: 522: 519: 517: 514: 510: 507: 506: 505: 504:New classical 502: 500: 497: 493: 490: 488: 485: 484: 483: 480: 479: 478: 473: 468: 467: 460: 457: 455: 452: 450: 447: 445: 442: 440: 437: 436: 430: 429: 422: 419: 417: 414: 412: 409: 407: 404: 402: 399: 395: 392: 391: 390: 387: 385: 382: 380: 377: 375: 372: 370: 367: 365: 362: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 331: 325: 324: 317: 314: 312: 309: 307: 304: 302: 299: 297: 294: 293: 287: 286: 279: 276: 274: 271: 269: 266: 264: 261: 259: 258:Shrinkflation 256: 254: 251: 249: 246: 244: 241: 237: 234: 233: 232: 229: 227: 224: 220: 217: 216: 215: 212: 210: 207: 203: 200: 199: 198: 195: 193: 190: 186: 183: 181: 178: 176: 173: 172: 171: 168: 166: 163: 161: 158: 156: 155:Interest rate 153: 149: 146: 144: 141: 140: 139: 136: 134: 131: 129: 126: 122: 119: 117: 114: 113: 112:Expectations 111: 109: 106: 104: 101: 99: 96: 94: 91: 89: 86: 84: 81: 79: 76: 74: 71: 70: 64: 63: 59: 55: 54: 51: 48: 47: 43: 39: 38: 33: 19: 6874: 6850: 6838: 6808: 6615:Food studies 6555:Area studies 6308:mathematical 6303:econometrics 6297: 6261:Anthropology 6178:Publications 6134:Publications 6101: 5697:Neoclassical 5687:Mercantilism 5596:Evolutionary 5458:Sociological 5431: / 5329:Geographical 5309:Evolutionary 5284:Digitization 5249:Agricultural 5212:Econometrics 5161: 5140:Price theory 4990:Paul Krugman 4935:Hyman Minsky 4895:Alvin Hansen 4667:Econometrics 4644:Overshooting 4597:Harrod–Domar 4592:Arrow–Debreu 4539:Central bank 4505:Unemployment 4495:Supply shock 4453:Money supply 4330:Disinflation 4325:Demand shock 4283: 4246: 4215: 4194: 4175: 4160: 4140: 4119: 4098: 4088: 4060: 4039: 4020: 3995: 3974: 3955: 3928: 3897: 3872: 3851: 3843: 3819: 3765: 3738: 3711:. Retrieved 3688: 3681: 3669:. Retrieved 3664: 3651: 3639:. Retrieved 3634: 3621: 3609:. Retrieved 3594: 3587: 3575:. Retrieved 3570: 3557: 3545:. Retrieved 3541: 3532: 3520:. Retrieved 3516: 3492:. Retrieved 3487: 3478: 3455: 3449: 3437:. Retrieved 3426: 3406: 3401: 3389:. Retrieved 3367: 3357: 3345: 3333: 3321: 3310:. Retrieved 3307:Investopedia 3306: 3296: 3268: 3261: 3233: 3226: 3214:. Retrieved 3209: 3199: 3187:. Retrieved 3183:www.nber.org 3182: 3169: 3160: 3148:. Retrieved 3128: 3124: 3114: 3102:. Retrieved 3082: 3078: 3068: 3056:. Retrieved 3036: 3032: 3022: 3013: 2994: 2951: 2947: 2937: 2926:. Retrieved 2922: 2913: 2904: 2876:. Retrieved 2864: 2860: 2850: 2838: 2805: 2801: 2791: 2780:. Retrieved 2776: 2766: 2757: 2743: 2718: 2707: 2700: 2691: 2555: 2549: 2536: 2517: 2508: 2498: 2485: 2421: 2410: 2387: 2370: 2366: 2362: 2354:money supply 2342: 2318:models like 2261: 2240:diagrammatic 2237: 2212:outside lags 2204: 2195:tax revenues 2184: 2175:crowding out 2172: 2156: 2145: 2114: 2079: 2054:house prices 2050:stock prices 2046:asset prices 2031: 2017: 2002: 1987: 1979: 1934:Robert Solow 1926: 1897: 1872:Robert Solow 1864:Harrod-Domar 1857: 1788: 1771: 1767:Ben Bernanke 1739:Janet Yellen 1711: 1690: 1675: 1663: 1650:Robert Lucas 1644: 1623: 1613: 1604:Robert Solow 1583: 1581: 1569:money demand 1558: 1545: 1539: 1491: 1474: 1468: 1460: 1380:Open economy 1378: 1369:money supply 1359: 1324: 1313: 1298: 1295:correlation. 1268:market power 1264:Trade unions 1232: 1222: 1214: 1202:unemployment 1199: 1184:Unemployment 1178:Unemployment 1168:productivity 1137: 1110: 1096:saving rates 1084:accumulation 1038: 1011: 979: 973: 958: 950: 910:unemployment 881: 880: 747:Paul Krugman 692:Hyman Minsky 652:Alvin Hansen 536: 535: 476: 439:Econometrics 416:Overshooting 369:Harrod–Domar 364:Arrow–Debreu 311:Central bank 278:Unemployment 268:Supply shock 226:Money supply 103:Disinflation 98:Demand shock 49: 6876:Wikiversity 6767:Social work 6655:Linguistics 6580:Criminology 6497:criminology 6480:personality 6438:comparative 6416:Linguistics 6409:private law 6266:archaeology 5972:von Neumann 5741:Supply-side 5726:Physiocracy 5670:Marginalism 5359:Information 5299:Engineering 5279:Development 5274:Demographic 5145:Game theory 5122:Theoretical 4870:Léon Walras 4753:Supply-side 4582:Accelerator 4490:Stagflation 4475:Price level 4370:Demand-pull 4165:Description 3800:Healey 2002 3785:Healey 2002 3770:Peston 2002 3758:Peston 2002 3743:Peston 2002 3713:9 September 3641:5 September 3577:5 September 3571:www.bis.org 3421:Mayer, 495. 3391:9 September 3216:8 September 3189:8 September 3150:8 September 3104:8 September 3058:8 September 3039:: 231–283. 2878:3 September 2843:Mankiw 2022 2808:(1): 1–22. 2390:AD–AS model 2376:AD-AS model 2331:IS–LM model 2286:model, the 2276:AD–AS model 2268:IS–LM model 2208:inside lags 2152:expenditure 2126:yield curve 2042:consumption 1998:overheating 1936:introduced 1876:Trevor Swan 1837:HANK models 1813:public debt 1751:David Romer 1747:Greg Mankiw 1652:introduced 1600:James Tobin 1442:Development 1339:transmitted 1331:overheating 1317:conducting 1206:labor force 1170:levels and 1164:overheating 1102:activities. 990:monetarists 926:consumption 912:(including 627:Léon Walras 521:Supply-side 354:Accelerator 263:Stagflation 248:Price level 143:Demand-pull 6821:Humanities 6755:historical 6688:psychology 6660:Management 6502:demography 6460:Psychology 6443:philosophy 6404:public law 6335:integrated 6129:Economists 6002:Schumacher 5907:Schumpeter 5877:von Wieser 5797:von Thünen 5757:Economists 5656:Circuitism 5621:Humanistic 5616:Historical 5591:Ecological 5581:Democratic 5554:Chartalism 5544:Behavioral 5507:Mainstream 5468:Statistics 5463:Solidarity 5384:Managerial 5349:Humanistic 5344:Historical 5289:Ecological 5254:Behavioral 4925:John Hicks 4855:Adam Smith 4808:Circuitism 4798:Ecological 4786:Chartalism 4731:Monetarism 4706:Mainstream 4602:Solow–Swan 4577:Multiplier 4534:Commercial 4429:Endogenous 4387:Investment 4220:. Norton. 4185:1845421809 4152:1840643870 3809:References 3671:7 December 3350:Blaug 2002 3338:Solow 2002 3326:Solow 2002 3312:2020-09-21 2928:2018-01-23 2782:2020-09-21 2349:John Hicks 2284:Solow–Swan 2244:equational 2163:output gap 2074:employment 2060:reactions 2038:investment 1970:production 1684:, created 1634:oil shocks 1610:Monetarism 1518:David Hume 1514:John Locke 1362:monetarist 1228:Okun's law 1194:Okun's law 1160:recessions 1152:recessions 1117:net output 1035:Time frame 986:Keynesians 934:investment 682:John Hicks 612:Adam Smith 570:Circuitism 560:Ecological 548:Chartalism 499:Monetarism 477:Mainstream 374:Solow–Swan 349:Multiplier 306:Commercial 202:Endogenous 160:Investment 6699:Planning 6678:economics 6595:Education 6492:Sociology 6470:cognitive 6421:semiotics 6372:political 6330:technical 6315:Geography 6288:Economics 6047:Greenspan 6012:Samuelson 5992:Galbraith 5962:Tinbergen 5902:von Mises 5897:Heckscher 5857:Edgeworth 5736:Stockholm 5731:Socialist 5631:Keynesian 5611:Happiness 5571:Classical 5532:Mutualism 5527:Anarchist 5512:Heterodox 5409:Personnel 5369:Knowledge 5334:Happiness 5324:Financial 5294:Education 5269:Democracy 5204:Empirical 5114:Economics 5035:Economics 4865:Karl Marx 4773:Heterodox 4748:Stockholm 4714:Keynesian 4480:Recession 4375:Cost-push 4365:Inflation 4320:Deflation 3611:12 August 3547:12 August 3522:13 August 3494:13 August 3439:13 August 3145:0022-0515 3099:1945-7707 3007:Huw Dixon 2986:219465676 2970:0317-0861 2822:0734-306X 2106:US dollar 1994:recession 1430:like the 1305:deflation 1301:inflation 1111:National 922:inflation 886:economics 780:Economics 622:Karl Marx 537:Heterodox 516:Stockholm 482:Keynesian 253:Recession 148:Cost-push 138:Inflation 93:Deflation 6892:Category 6840:Category 6708:regional 6703:land use 6538:business 6507:internet 6465:abnormal 6367:military 6357:economic 6347:cultural 6320:physical 6281:physical 6271:cultural 6158:Category 6138:journals 6124:Glossary 6077:Stiglitz 6042:Rothbard 6022:Buchanan 6007:Friedman 5997:Koopmans 5987:Leontief 5967:Robinson 5852:Marshall 5702:Lausanne 5606:Georgism 5601:Feminist 5549:Buddhist 5539:Austrian 5438:Regional 5414:Planning 5389:Monetary 5319:Feminist 5264:Cultural 5259:Business 5074:Category 5017:See also 5005:Critique 4839:Notable 4781:Austrian 4529:Monetary 4516:Policies 4348:Rational 4343:Adaptive 2978:26974728 2493:(2020). 2435:See also 2270:and the 2088:and the 2032:Via the 1465:in 1936. 1349:and the 764:See also 543:Austrian 301:Monetary 290:Policies 121:Rational 116:Adaptive 42:a series 40:Part of 6852:Commons 6683:history 6673:science 6608:studies 6342:History 6254:Primary 6240:History 6235:Outline 6173:Outline 6144:Schools 6136: ( 6097:Piketty 6092:Krugman 5957:Kuznets 5947:Kalecki 5922:Polanyi 5812:Cournot 5807:Bastiat 5792:Ricardo 5782:Malthus 5772:Quesnay 5675:Marxian 5566:Chicago 5496:history 5491:Schools 5478:Welfare 5448:Service 5239:Applied 5040:Applied 4820:Marxian 4698:Schools 3925:"IS–LM" 3053:3585232 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