Central banks use macroeconomic models to help frame the issues that they face, to mold their ideas, and to guide them in their decisionmaking. While a wide range of models are available, economists ...

John Maynard Keynes’ book The General Theory of Interest, Employment, and Money is one of the classic works of the twentieth century. Keynes published his book in 1936 during the midst of the Great ...

Just how important is money? Few would deny that it plays a key role in the economy.­ During the Great Depression of the 1930s, existing economic theory was unable either to explain the causes of the ...

Historical studies are enlivened by court intrigues, gossip and warfare. Language studies introduce students to rich literary traditions. The study of science or engineering offers the potential for ...

Discover the concept of underconsumption, its role in economic theory, and real-world examples like the auto industry during ...

We construct a multiagent system (MAS) model of cyclical growth in which aggregate fluctuations result from variations in activity at the firm level. The latter, in turn, result from changes in ...

The November mid-term elections were a citizen referendum for reductions in the size and scope of the federal government. But can federal spending and the budget deficit actually be reduced ...

Continuous albeit oscillating economic growth has become a hallmark of modern economies. Arguing on the basis of theoretical models, some authors maintain that growth is even a systemic requirement of ...

There are very few economists who really buy into Keynesian theory anymore. Instead, the idea of “rational expectations” has taken its place. The difference between the two approaches is essential to ...

JOHN MAYNARD KEYNES ranks with Adam Smith and Karl Marx among economists in the influence that his views have exerted on the general public. He had the vision to see that economics lacked a general ...