This article explains in detail the emergence of the new Keynesian economic paradigm as a consequence of the experience of the Great War and the Great Depression and the results obtained through government intervention ...

This paper examines the compatibility of inflation targeting with an economy that is Post Keynesian in character. We show that in a Post Keynesian environment, policymakers can both set and achieve an inflation target ...

The conduct of British fiscal policy has changed during the post-war period, reflecting both the pressure of events and the evolution of thinking about macroeconomic policy. This essay reviews the changes in policy approach ...

The common understanding of the phrase, ‘the Keynesian revolution’, is a reappraisal of the theory of fiscal policy after the publication of Keynes’s The General Theory of Employment, Interest and Money in 1936, followed by ...

This paper analyzes the solutions of the canonical and hybrid New Keynesian IS curve difference equation. It shows that the usual forward solution is ruled out because it is at odds with the underlying economic theory. ...

This paper analyzes the solutions of the canonical and hybrid New Keynesian IS curve difference equation. It shows that the usual forward solution is ruled out because it is at odds with the underlying economic theory. ...

On Wednesday 16 September 1992 (known at the time as ‘Black Wednesday’), heavy selling of the pound on the foreign exchanges forced it out of the European exchange rate mechanism (ERM). The UK’s exit from the ERM was ...

The 1981 Budget was undoubtedly a turning point in British macroeconomic policy-making. It stimulated a sharp controversy about the role of fiscal policy in economic management, with 364 economists writing a letter to ...