Keynesianism, Pennsylvania Avenue style: some economic consesquences of the Employment Act of 1946

Article Abstract:

The Council of Economic Advisors (CEA) set up by the Employment Act of 1946, impelled significant shifts in federal macroeconomic policy in the post-World War ll period. The economists new version of Keynesianism allowed for the government's ready acceptance of automatic stabilizers to reduce cyclical fiscal deficits. The council has ensured commitment to macroeconomic stabilization by restricting the trend towards discretionary fiscal policy. In recent years, the CEA's focus on microeconomic issues has had a positive impact on the microeconomic efficiency of public policy.

Management, Beliefs, opinions and attitudes, Budget deficits, United States. Council of Economic Advisers

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Introduction to the symposium on business cycles

Article Abstract:

US economic expansions tend to give rise to claims that business cycles have been replaced by a new type of economy, and this occurred in the 1920s and the 1960s, though not in the 1980s. The 1990s has seen low inflation and unemployment, and real wage rises have also been low. There have been major structural changes in the US, yet business cycles have persistsed. Research on business cycles has shown that the nature of those cycles has changed. Over-investment may be a cause of recessions, and this notion should be integrated into business sycle theory.

Research, Analysis, Business cycles, Macroeconomics

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Equipment investment and economic growth: how strong is the nexus?

Article Abstract:

The importance of equipment investment as a crucial factor in the post-World War II productivity growth of rich countries are reassessed. Analysis of case studies show that there is no difference between the effect ofequipment investment between newly industrialized and developed countries. Furthermore, new cross-country data reassert the conclusion that total factor productivity growth is directly related to the level of equipment investment undertaken nationally.

Evaluation, Economic aspects, Industrial equipment, Investments, Government productivity

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