Unemployment Fluctuations and Stabilization Policies A New Keynesian Perspective Jordi Gali The MIT Press Cambridge, Massachusetts London, England Contents Series Foreword ix Preface xi Introduction ...

The present paper describes recent research on two central themes of Keynes' General Theory: (i) the social waste associated with recessions, and (ii) the effectiveness of fiscal policy as a stabilization tool. The paper also discusses some evidence on the extent to which fiscal policy has been...