Factor supply increases (depresses) output for many of the same reasons that the government spending multiplier might …" and suggest that the government spending multiplier is less than one, even during the recession …

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 …

We construct a model to capture the Keynesian idea that production and employment decisions are based on expectations … of aggregate demand driven by sentiments, and that realized demand follows from the production and employment decisions …

output and employment in New Keynesian models, through a series of simple examples that can be solved analytically. Delays in … wages; in a fairly broad class of simple models, the multiplier is 1 in the case that the monetary authority maintains a … constant path for real interest rates. The multiplier can be considerably smaller, however, if the monetary authority raises …

estimated stimulus is extremely small just when needed most, and GDP and employment effects are only one-sixth as large, with … private sector employment impacts likely to be even smaller …

. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output … multiplier effects are large and significant and can transmit shocks in very different patterns than predicted from a bilateral …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …

policy effectiveness, output persistence and multiplier effects …

) a fiscal multiplier of one and so a missing intercept close to zero. I also discuss the robustness of this aggregation …