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Besides becoming widespread among economists, what other impact did Klein's models have?

  • They caused a financial crash

  • They ended a recession

  • They reshaped economic policies globally

  • They led to an increase in interest rates

Answer

In addition to becoming widespread among economists, Klein's models reshaped economic policies globally. Klein's models were based on the Keynesian school of economics, which emphasized the importance of government intervention in the economy to stabilize the business cycle and promote economic growth. Klein's models were used by governments around the world to develop economic policies that would help to prevent or mitigate economic crises.
Mastering Macro: The Legacy of Lawrence Klein

Mastering Macro: The Legacy of Lawrence Klein

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