Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought...

The problem of relationship between output and money has become again a subject of special interests of economists after the most recent global financial crisis and monetary stabilization policies applied by central banks of almost all developed economies. In this context, the main aim of this...

CHAPTER 1: INTRODUCTION TO MODERN MAINSTREAM MACROECONOMIC THOUGHT VERSUS KEYNES’ VIEWS ON RECOVERIES FROM RECESSIONS -- CHAPTER 2: LITERATURE REVIEW OF MAJOR SCHOOLS OF MACROECONOMIC THOUGHT AND EMPIRICAL WORK -- CHAPTER 3: RESULTS FROM ESTIMATING AND PROJECTING TRENDS FOR RECENT RECESSIONS...