By Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
ISBN-10: 1107015898
ISBN-13: 9781107015890
The severity of the good Recession and the following stagnation stuck many economists all of sudden. yet a gaggle of Keynesian students warned for a few years that powerful forces have been best the U.S. towards a deep, continual downturn. This e-book collects essays approximately those occasions from renowned macroeconomists who constructed a viewpoint that envisioned the vast define and plenty of particular features of the quandary. From this standpoint, the restoration of employment and revival of sturdy development calls for greater than momentary financial easing and transitority economic stimulus. Economists and coverage makers have to discover how the method of call for formation failed after 2007, and the place call for will come from going ahead. Successive chapters deal with the assets and dynamics of call for, the distribution and development of wages, the constitution of finance, and demanding situations from globalization, and tell ideas for financial and monetary regulations to accomplish a extra effective and equitable society.
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Additional resources for After the Great Recession: The Struggle for Economic Recovery and Growth
Example text
Greenberg. (2010) “Investment and the Taylor rule in a dynamic Keynesian model,” Journal of Economic Dynamics and Control, 34 (10), 2010–2022. Feldstein, M. S. S. growth in the decade ahead,” National Bureau of Economic Research (NBER) Working Paper 15685. Galí, J. and L. Gambetti. ” American Economic Journal: Macroeconomics, 1 (1), 26–57. Godley, W. and Izurieta, A. (2002) “The case for a severe recession,” Challenge, 45 (March/April), 27–51. Mulligan, C. (2008) “An economy you can bank on,” New York Times.
Indeed, new consensus models are often interpreted to imply that it is best to keep fiscal policy out of macroeconomic stabilization in a slump because in the long run, government activity crowds out the private sector. The new consensus emerged during the Great Moderation years. On the verge of the Great Recession, the new consensus models had convinced top mainstream economists such as Blanchard (2009) and Woodford (2009) that macroeconomic thinking was in good health, having survived the theoretical battles of earlier generations and arrived at a single, consistent vision of how macroeconomics should be done, what the long run looked like, and even a fairly common conception of what caused aggregate fluctuations in the short term.
Economic growth model and its impact on the pattern of income distribution and demand generation (see Setterfield’s related discussion in Chapter 7 in this volume). S. S. economic relations within the global economy (a theme also addressed in Chapter 8 by Blecker). The macroeconomic forces unleashed by these twin factors have accumulated gradually and made for an increasingly fragile and unstable macroeconomic environment. The brewing instability over the past two decades has been visible in successive asset bubbles, rising indebtedness, rising trade deficits, and business cycles marked by initial weakness (so-called jobless recovery) followed by febrile booms.
After the Great Recession: The Struggle for Economic Recovery and Growth by Barry Z. Cynamon, Steven Fazzari, Mark Setterfield, Robert Kuttner
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