During the late-1940s and the early-1950s Milton Friedman favored a rule under which fiscal policy would be used to generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is inherently unstable because of endogenous movements in...

This paper presents a theoretical and empirical investigation into timing relationships between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary...

Keynes' General Th&ry was a brilliant attanpt to plain the paradoxof 1CM interest rates, ineffectual easy rn,netaxy policy, and lowinvestrtntduring the Great Depression. We argue that Keynes' failure to distinguishbetween low naninal and high real interest rates led hint to misinterpret atight...

This paper presents a theoretical and empirical investigation into timing relationship between variables within and across industrialized countries. In the analysis we highlight the two polar cases of completely closed and open economies and draw some implications for timing between monetary...

Like the proverbial chicken and the egg, economic events and macroeconomic theory have borne an ongoing ambiguous relationship to one another. Keynes himself, in his scathing indictment of the influence of "academic scribblers" on actual policy, pointed to one such avenue of impact. George...