The Gospel of Keynesian Reality, Development and Application of Modigliani’s Model, 1944–2003,The Realm of Stabilization Policies

  • Michael Szenberg
  • Lall Ramrattan
Part of the Great Thinkers in Economics Series book series (GTE)


Prior to the Great Depression, John Maynard Keynes embraced the cyclical mechanisms that are the bedrock of full employment analysis in his monetary studies. Around 1923, Keynes recognized that “the problem of stabilization has several sides.”1 Inflation and deflation attracted paramount attention, relating to the problem of devaluation of exchange rates, and restoration of the Gold Standard.


Interest Rate Monetary Policy Fiscal Policy Money Supply European Central Bank 
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Copyright information

© Michael Szenberg and Lall Ramrattan 2008

Authors and Affiliations

  • Michael Szenberg
    • 1
  • Lall Ramrattan
    • 2
  1. 1.Pace UniversityNew YorkUSA
  2. 2.University of CaliforniaBerkeley ExtensionUSA

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