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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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stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression shaken by the failure … of Britain's departure from the gold standard to cause a rapid recovery and reduce unemployment. This disappointment led …
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