Merijn Knibbe — Understanding Keynes: the data

An implication of (almost all) ‘New Keynesian’ models is that economies will bounce back to full employment if only labour and other markets are ‘flexible’ enough. The UK example shows that this isn’t necessarily the case. Keynes explained why. New Keynesian models don’t. As far as I’m concerned, data like those below should be part of any undergraduate introduction into Keynesian economics.

Are you listening, Greg?

Real-World Economics Review Blog
Understanding Keynes: the data
Merijn Knibbe