CHAPTER 1: INTRODUCTION TO MODERN MAINSTREAM MACROECONOMIC THOUGHT VERSUS KEYNES’ VIEWS ON RECOVERIES FROM RECESSIONS -- CHAPTER 2: LITERATURE REVIEW OF MAJOR SCHOOLS OF MACROECONOMIC THOUGHT AND EMPIRICAL WORK -- CHAPTER 3: RESULTS FROM ESTIMATING AND PROJECTING TRENDS FOR RECENT RECESSIONS...

This study offers two potential explanations related to the United States federal budget deficit for the recent interest-rate puzzle in the USA where long-term rates have fallen while short-term rates have risen. A VAR quantifies the relationships between real deficits, real GDP growth rates and...