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Economic Dynamics of the United States in 1990—2011: Keynesian Analysis
https://doi.org/10.32609/0042-8736-2013-1-117-130
Abstract
In this work a Keynesian analysis of economic development of the USA in 1990—2011 has been carried out. At the beginning, on the basis of the simple Harrod — Domar growth models, it has been shown that in this period the economic policy of the government did not provide balanced and sustainable economic growth. Then, in-depth analysis of economic growth with the use of Tobin’s monetary dynamic model has been carried out and it has been shown that recession in the U.S. economy, observed in 2007—2009, was the result of an explosive growth in the money supply caused by the need to finance the huge budget deficit. It has also been concluded that if the current trend of money emission persists, the implementation of the next quantitative easing program QE3 as early as in 2013 will lead to a new recession.
About the Authors
A. Akaev
Institute of Mathematical Studies of Complex Systems, Lomonosov Moscow State University (Moscow, Russia)
Russian Federation
Russian Federation
U. Dzhamakeev
Russian Academy of Entrepreneurship (Moscow, Russia)
Russian Federation
Russian Federation
A. Korotayev
Center for Forecasting of the Institute of Oriental Studies, RAS (Moscow, Russia)
Russian Federation
Russian Federation
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Review
For citations:
Akaev A., Dzhamakeev U., Korotayev A. Economic Dynamics of the United States in 1990—2011: Keynesian Analysis. Voprosy Ekonomiki. 2013;(1):117-130. (In Russ.) https://doi.org/10.32609/0042-8736-2013-1-117-130
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