In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from theauthors' profound disagreement

The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a l

This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasi

Recent developments in public economics have largely been in the direction of reaffirming the limits of the market and of establishing new ones. The possible ex

In a time of unprecedented economic uncertainty, this book provides empirical guidance to the economy and what to expect in the near and distant future. Beginni