"This paper uses the old-Keynesian representative agent model developed in Farmer (2010b) to answer two questions: 1) do increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer compared permanent tax financed expenditure...

Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It...

1. The changing global economic landscape : the factors that matter / Jan Fagerberg -- 2. How global is foreign direct investment and what can policymakers do about it? : stylized facts, knowledge gaps, and selected policy instruments / Peter Nunnenkamp -- 3. Labour market frictions as a source...