General Theory. The first is that there may be a continuum of steady state unemployment rates. The second is that beliefs …-fulfilling. The paper reconciles Keynesian economics with general equilibrium theory without invoking the assumption of frictions that …

macroeconomics is firmly grounded in economic theory. We disagree and explain why. …

rate in particular contain implicit theories of unemployment. In some cases, the theory is explicit. When the nominal rate …-developed account of turnover, wage determination, and unemployment. The DMP model is a clashing theory of unemployment, in the sense …

This paper studies why the General Theory had so much impact on the economics profession through the 1960s, why that … impact began to wane in the 1970s, and why many economic policymakers cling to many of the tenets of the General Theory. We … qualitatively to patterns discussed in the General Theory, that econometric developments in the area of simultaneous equations made …