How Keynesian policies would not have worked then, and why they will not work nowExecutive SummaryAs calls for Plan B mount, it is increasingly being suggested that the UK is making the same mistakes as in the Great Depression of the 1930s by not expanding fiscal policy. This paper demonstrates...

The downturn in the world economy following the global banking crisis has left the Chinese economy relatively unscathed. This paper develops a model of the Chinese economy using a DSGE framework with a banking sector to shed light on this episode. It differs from other applications in the use of...