consumption or investment. In this way, aggregate demand would be maintained by substituting public consumption for private … consumption. A second alternative prescription was to reduce the private saving rate. Early Keynesians like Seymour Harris saw the …Three ways of averting "excess saving" have been emphasized in both theory and practice. The thrust of the Keynesian …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

credit-starved firms must reduce production below national supply. The resulting excess demand in the goods market may in … stagflationary spiral. In the second model, credit rationing reduces investment, which cuts into both aggregate demand and supply … investment in the rationed regime but crowds in investment in the unrationed regime …