Keynes resurrected

This Memorial Lecture in honour of the late John Graham has three parts. First, it explains why Keynes criticized classical views about the business cycle in the 1930s, and how his ideas revolutionized the field and influenced macroeconomic policy until the mid-1960s. Second, the lecture describes how a group of economists initially called "monetarists," and then "new classicists," challenged Keynes' ideas from the mid-1960s to the mid-1990s and were able to weaken their impact on economic thinking and economic policy for a while. Third, a new group of economists called "new Keynesians" is presented. Their research is shown to have successfully contributed to resuscitating and expanding the Keynesian paradigm over the last 20 years.