This paper presents a simple synthesis of Keynesian, monetary, and portfolio approaches to macroeconomic theory under flexible exchange rates. By including the key features of all the partial approaches in a general model, we show that some of the important contrasts that have been drawn between...

This paper presents a simple synthesis of Keynesian, monetary, and portfolio approaches to macroeconomic theory under flexible exchange rates. By including the key features of all the partial approaches in a general model, we show that some of the important contrasts that have been drawn between...

This paper tests New Classical and Keynesian explanations ofoutput determination within an encompassing "factor utilization"model wherein the output decision by producers is modelled as thechoice of a utilization rate for employed factors. In thisencompassing model, the ratio of actual to normal...