New Macroeconomics

Preface

According to the National Bureau of Economic Research (NBER), a deep recession started in the United States in December 2007 and ended in June 2009. However, most people recognize that even though the recession was said to be over, its aftereffects lingered well into the next decade, and even in 2017, some 10 years later, governments in America and around the world were struggling with problems of low growth, wage stagnation, and high poverty.

Economic policy became dramatically unconventional following the recession, which is now well known as The Great Recession, although some economists such as Professor Paul Krugman, a Nobel Laureate, called it a depression. Interest rates fell faster than ever before as almost all nations printed ...