Alvin H. Hansen (1886-1895) approached business cycle analysis
broadly from the theoretical, statistical, structural, and historic
views. From an orthodox position that gave primary emphasis to
investment fluctuations he became the leading protagonist of the
Keynesian analysis in the United States, extending and stimulating
its application to business cycle analysis and stabilization
policy. The development of compensatory fiscal policy as a
complement to monetary policy received was given great impetus by
his work.