Macroeconomics and the Law

Posted: 23 Oct 2019

See all articles by Yair Listokin

Yair Listokin

Yale Law School

Daniel Murphy

University of Virginia - Darden School of Business

Multiple version iconThere are 2 versions of this paper

Date Written: October 2019


This article surveys recent work on the role of law in determining economic aggregates such as gross domestic product, unemployment, inflation, and productivity growth. We provide a brief overview of macroeconomics and discuss how legal interventions and institutional arrangements such as monetary, fiscal policy, financial regulation, and other legal changes can stabilize business cycles. Finally, we discuss the role of the law in promoting economic growth.

Suggested Citation

Listokin, Yair and Murphy, Daniel, Macroeconomics and the Law (October 2019). Annual Review of Law and Social Science, Vol. 15, pp. 377-396, 2019, Available at SSRN: or

Yair Listokin

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
203-436-2567 (Phone)

Daniel Murphy (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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