Remarks at the Quarterly Regional Economic Press Briefing, New York City.

The 2001 recession was unique in several respects. For instance, the peak-to-trough decline in real gross domestic product was one of the smallest on record and its duration was slightly shorter than average. This article examines some of the other unique features of the 2001 recession compared...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...