
Contents
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Effective Demand in the Crisis Effective Demand in the Crisis
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Economic Theory and the World Recession Economic Theory and the World Recession
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Money and International Liquidity Money and International Liquidity
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Finance and International Economic Disorder Finance and International Economic Disorder
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References References
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Cite
Extract
The global financial crisis, which began in August 2007 and continues with no end in sight as we write these lines, has thrown macroeconomics into turmoil.
The New Classical idea that economies can be understood as if they were in full intertemporal general equilibrium at all times, shifting about in response to external shocks, was never taken very seriously by the majority of economists, neither as an empirically relevant description of reality nor as a normatively compelling guide to economic policy. Rather, the challenge of the New Classicals was always mainly to the theoretical structure and underpinnings of Old Keynesian orthodoxy circa 1970. The response to that challenge was the construction of a New Keynesian orthodoxy that achieved professional dominance with the publication of Michael Woodford’s Interest and Prices: Foundations of a Theory of Monetary Policy (2003). Synthesizing decades of academic research, Woodford replaced the static monetary Walrasianism of the Hicks-Samuelson IS-LM (Investment-Saving/Liquidity preference-Money supply) model with the full Dynamic Stochastic General Equilibrium (DSGE) model preferred by the New Classicals, but with sufficient rigidities and imperfections added to create room for active policy intervention. This is the macroeconomic lens through which the majority of economists viewed the global financial crisis as it hit.
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