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suggestions of "New Keynesian" scholars who propose standard modifications to select assumptions of Keynes' General Theory. But … future ones-macroeconomic theory must become attuned to present-day conditions. Governments need to intervene in asset … pursue financial stability. The primary mechanism for securing such stability would be for sovereign nations to create …
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The Financial Crisis of 2008, and the Great Recession in its wake, have shaken up macroeconomics. The paradigm of the "New" Neoclassical Synthesis, which seemed to provide a robust framework of analysis for short-run macro not long ago, fails to capture key elements of the recent crisis. This...
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