The dominant view among mainstream economists explaining the evolution of capitalist economies is based on so-called "dynamic stochastic general equilibrium models," which refute the claim that monetary policy has a lasting influence on output and employment. The recent crisis, however, has compelled authorities to sustain demand with expansionary policies, including deficit spending. Thus, there has been a return to evaluating the role of effective demand and the teachings of John Maynard Keynes and Michal Kalecki.
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