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The Godley–Tobin Memorial Lecture

J. Bradford DeLong

Review of Keynesian Economics2026https://doi.org/10.4337/roke.2026.01.01article
ABDC C
Weight
0.50

What the paper says

In the post-2020 aftermath of the COVID plague depression, the Powell Fed appropriately balances risks ex ante, and compared to counterfactual alternatives, the ex post outcomes are good. Historically, most inflation episodes ebb without adaptive spirals; the 2020s follow that pattern; thus, the Fed’s moving late but then moving fast to the Wicksellian neutral rate is a successful policy. Powell’s FOMC makes prudent, data‑dependent judgments under our immense uncertainty about the state of the economy and our extremely limited understanding of how the macroeconomy actually works.

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https://doi.org/https://doi.org/10.4337/roke.2026.01.01

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@article{j.2026,
  title        = {{The Godley–Tobin Memorial Lecture}},
  author       = {J. Bradford DeLong},
  journal      = {Review of Keynesian Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.4337/roke.2026.01.01},
}

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The Godley–Tobin Memorial Lecture

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.