This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward...

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to save, creating a mismatch between supply and demand...

A Short Post-communist Economic History of Emerging Europe -- Pre-crisis Central Banking -- Bubbles Everywhere (the 2000s)Under the Clouds of the Subprime Crisis (July 2007 – September 2008)The Lehman Tsunami (September – October 2008) -- The “Rescue Team” and Rescue Package (October –...

Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate the persistence of the shock. Indeed, monetary and fiscal stimulus and foreign aid can spur a...

Einleitung -- Die Regierung Biden und die kopernikanische Wende -- Modern Monetary Theory als Teil der Volkswirtschaftslehre -- Was ist Wirtschaftspolitik? -- Wirtschaftspolitik auf Grundlage der MMT -- Ausblick.

Privates Vermögen und Schulden des Staats -- Der natürliche Zins und der optimale Zins im Steady State -- Vermögen und Vermögenswunsch -- Realkapital -- Boden -- Staatsschulden -- Investition, Ersparnis und Stagnation aus keynesianischer Sicht -- Abschließende Bemerkungen zum negativen...

This book explores what happened in the transition economies of China, Vietnam and Myanmar from both macro and micro perspectives, and questions whether the governments of these countries are capable of implementing effective reform and transformation

The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life...

Despite Mexico’s recent remarkable progress in adjusting its fiscal and external accounts and in restructuring its economy, the recovery of growth has remained elusive. This paper reviews some aspects of Mexico’s recent performance and suggests that systemic adjustment uncertainty, and...