This 1969 paper by James Tobin, published in the inaugural issue of the Journal of Money, Credit and Banking, sets out a general-equilibrium framework for monetary analysis built around the capital …
Online FirstJournal of Money, Credit and BankingOnline 10 Jun 2026
Audzei and Sutóris ask whether inflation-targeting monetary policy affects households' incentives to invest in energy conservation, and whether the standard central bank response to energy price …
PublishedEconometricaOnline 1 Jan 2024Published Sep 2024
The paper asks whether a government can run a deficit today — issuing "stimulus checks" — and allow debt to return to its initial level without any future tax hike or spending cut. In environments …
PublishedClassicThe Review of Economics and StatisticsPublished May 1939
This short 1939 note by Paul Samuelson formalizes Alvin Hansen's combination of Keynes's income-expenditure multiplier with the accelerator principle of induced private investment.
PublishedJournal of Monetary EconomicsOnline 1 Apr 2026Published Apr 2026
The paper asks two related questions: (1) How much, and through which channels, do employer-to-employer (EE) worker transitions affect macroeconomic outcomes — particularly inflation? (2) What is the …
This 1944 Econometrica paper by Franco Modigliani builds three alternative macrostatic systems of equations -- a Keynesian system and two classical variants -- that share identical saving, investment, …
PublishedClassicJournal of Money, Credit and BankingPublished Nov 1980
This 1980 paper by Robert Lucas argues that economic theories should be understood as explicit instructions for building fully articulated, artificial "analogue" economies, and traces business cycle …
This paper builds a two-asset Heterogeneous Agent New Keynesian (HANK) model matching the empirical joint distribution of income, liquid, and illiquid wealth, and finds that the indirect effect of an …
This paper, written within a year of the publication of Keynes's General Theory, asks how much of Keynes's theory is genuinely new by building a small formal model of the "classical" theory of income …
PublishedClassicJournal of Economic LiteraturePublished Sep 2011
This 2011 *Journal of Economic Literature* forum essay by Jonathan Parker argues that as of early 2009 economists had no good measure of how government spending affects output specifically in a …
An analytically tractable heterogeneous-agent New Keynesian (HANK) model in which a utilitarian planner's optimal monetary policy departs from the representative-agent benchmark because interest rates …