The aim of this paper is to describe chronologically the evolution of macroeconomic theory since the publication of the General Theory of J. M. Keynes in 1936 until the most recent macroeconomic developments motivated by the global economic crisis of 2008-2009.

The Monetary policy of the United States has not been the same since the 2008-2009 international crisis. Following the crisis, given that the federal funds interest rate - the conventional monetary policy instrument - fell to almost zero, the Federal Reserve (FED) had to resort to two...

It is common to state that the economic growth registered in the last few years has not been correlated with microeconomic welfare. In relation to that idea latter, it is augmented that the actual growth pattern does not allow the spillover of economic growth’s results to the poorer...

This paper presents a Keynesian effective demand model that reproduces expansive or contractive effects of an expansionary fiscal policy as a function of the initial conditions of the public finances. In an economy with fiscal slack, when observed primary surplus is above the optimal fiscal...

The aim of this document is to establish the relationship between fiscal policy and the level of economic activity. On the theoretical ground, this is done using a model that links fiscal policy with economic activity, mixing the contractive and/or expansionary effects of a fiscal expansion,...

This paper is a balance of the Peruvian economic policies, taken by government in the last decade. We focus on determining, based on the available literature, whether or not this polices have improved the economic well-being of poor people. Furthermore, this balance allows us to give the agenda...

This paper presents a balance-of-payments crises model –in the line of the “firstgeneration” models– in order to estimate the moment in which the fixed exchange rate collapse occurs. In contrast to the standard literature about balance-of-payments crises –which emphasizes the role of...