Macroeconomic Theory

    Governments turn to macroeconomic theory to help shape policies to manage instability. Current theories do not adequately support our policy needs. Credit markets, income, and employment are all inherently unstable. We need better theory to help us design better institutions and better policies.

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    How Public Spending Creates Jobs and Growth—Without Inflation

    Contrary to conventional wisdom, government stimulus can improve the health of the economy for years after, without inflationary side effects  Read more