The Gospel of Keynesian Reality, Development and Application of Modigliani’s Model, 1944–2003,The Realm of Stabilization Policies
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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.
KeywordsInterest Rate Monetary Policy Fiscal Policy Money Supply European Central Bank
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