Why study business cycles? -- Describing business cycles -- Early business cycle theories -- Keynes' and Keynesian theory -- The monetarist model -- The rational expectations model -- Real business cycle models -- New Keynesian models -- Models of credit and financial instability --...

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...