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Was Keynesian economics ever dead? If so, has it been resurrected?
Review of Keynesian Economics ( IF 1.8 ) Pub Date : 2020-01-22 , DOI: 10.4337/roke.2020.01.05
Steven M. Fazzari 1
Affiliation  

This article reflects on rising interest in Keynesian macroeconomics in the aftermath of the Great Recession. I identify aspects of Keynesian thinking that never were completely banished from the mainstream as well as threads of Keynesian macroeconomics that have become more influential since the crisis. However, the way most mainstream analysis continues to invoke the zero lower bound for short-term interest rates and the concept of the 'natural’ rate of interest implies that any Keynesian resurrection outside of heterodoxy remains incomplete. The future may bring broader recognition of how demand leads economic growth and of ways in which the demand side leads the supply side beyond the typical textbook 'short run.’

中文翻译:

凯恩斯经济学死了吗?如果是这样,它是否已经复活了?

本文反映了大萧条之后人们对凯恩斯宏观经济学日益增长的兴趣。我确定了凯恩斯主义思想中从未被完全排除在主流之外的方面,以及自危机以来变得更具影响力的凯恩斯主义宏观经济学的线索。然而,大多数主流分析继续援引短期利率的零下限的方式以及“自然”利率的概念意味着任何非正统之外的凯恩斯主义复兴仍然不完整。未来可能会更广泛地认识到需求如何引领经济增长以及需求方如何超越典型的教科书“短期”引领供应方。
更新日期:2020-01-22
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