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Abstract

This chapter, an extension of the Presidential Address to the International Economic Association, evaluates alternative strands of macroeconomics in terms of the three basic questions posed by deep downturns: What is the source of large perturbations? How can we explain the magnitude of volatility? How do we explain persistence?.

Keywords

Real Interest Rate Aggregate Demand Full Employment Nominal Interest Rate Presidential Address 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Joseph E. Stiglitz 2016

Authors and Affiliations

  • Joseph E. Stiglitz
    • 1
  1. 1.Columbia UniversityUSA

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