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Monetary policy and inflation in the 70s

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The dismal state of macroeconomics and the opportunity for a new beginning

Wray, L. Randall - 2011

The Queen of England famously asked her economic advisers why none of them had seen "it" (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the "Age of Keynes" through the...