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 ...

During the great depression of the 1930s, existing economic theory was unable either to explain the causes of the severe worldwide economic collapse or to provide an adequate public policy solution to ...

Cambridge Journal of Economics, Vol. 31, No. 1 (January 2007), pp. 1-23 (23 pages) This paper presents a Keynesian model which describes three countries trading merchandise and financial assets with ...

I am generally against the basic Keynesian policy of expanding government expenditure in times of economic hardship. By this I don't mean the automatic stabilisers in the economy: when more people are ...

October 21st saw the commemoration in Beijing of the 80th Anniversary of the Long March Victory. Inevitably it was a hugely symbolic occasion, such is the significance of the Long March in modern ...

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 ...