Basu, Deepankar - Department of Economics, University of Massachusetts-Amherst - 2009
This paper derives conditions for two key Keynesian propositions in a simple IS-LM model: (a) the paradox of thrift … 1959-2009, time series estimation of the linear model using instrumental variables regression shows that the paradox of … thrift and crowding-in are real possibilities, especially in the sub-period, 1974-2009, that excludes the Golden Age of …