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A Brief Chronology

1883 - J. M. Keynes born.

1936 - "General Theory of Employment, Interest, and Money.," J. M. Keynes.

1946 - "Measuring Business Cycles," Arthur Burns and Wesley Mitchell.  The first modern treatment of the subject.

1958 - The Phillips Curve.

1961 - rational expectations.

1963 A Monetary History of the United States, 1867-1960, Milton Friedman with Anna J. Schwartz.

1964 - Kennedy-Johnson tax cut.  The heyday of Keynesian economic policy.

1973, 1979 oil shocks.  The empirical evidence for real business cycles and the downfall of the Phillips curve.

1982 - recession.  Anticipated changes in monetary policy just might have real effects.

Comments?  Questions?  macro-at-econmodel-dot-com  Copyright 2006 William R. Parke