Keynes further asserted that free markets have no self-balancing mechanisms that lead to full employment. Keynesian economists justify government intervention through public policies that aim to ...

the U.S., the U.K., and other Western countries largely operated on the classical economics model, in which markets operated freely, and there was minimal government interference. Keynesian ...

Annals of Economics and Statistics, No. 145 (March 2022), pp. 5-28 (24 pages) I present a New Keynesian model in which the central bank’s anti-inflationary preferences change over time. Agents do not ...