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Author : Lars Calmfors
Publisher : Springer
Page : 268 pages
File Size : 47,8 Mb
Release : 1983-06-18
Category : Business & Economics
ISBN : 9781349063499
Author : Anonim
Publisher : Unknown
Page : 269 pages
File Size : 51,6 Mb
Release : 1982
Category : Electronic
ISBN : OCLC:26834082
Author : Lars Calmfors
Publisher : Unknown
Page : 0 pages
File Size : 44,5 Mb
Release : 1982
Category : Electronic
ISBN : OCLC:1404473880
Author : Ole Roste
Publisher : Routledge
Page : 214 pages
File Size : 55,6 Mb
Release : 2017-09-08
Category : Business & Economics
ISBN : 9781351504881
As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>
Author : Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena
Publisher : International Monetary Fund
Page : 50 pages
File Size : 53,8 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513536996
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 44 pages
File Size : 45,8 Mb
Release : 1990-03-01
Category : Business & Economics
ISBN : 9781451923230
The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
Author : The late Lawrence R. Klein
Publisher : Edward Elgar Publishing
Page : 434 pages
File Size : 53,5 Mb
Release : 2006-02-24
Category : Business & Economics
ISBN : 1781950504
There is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.
Author : Richard Hemming,Selma Mahfouz,Michael Kell
Publisher : International Monetary Fund
Page : 60 pages
File Size : 43,5 Mb
Release : 2002-12
Category : Business & Economics
ISBN : UCSD:31822032179210
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 51,9 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author : David Kiefer
Publisher : Springer Science & Business Media
Page : 261 pages
File Size : 43,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642605642
This book considers the connections between macroeconomics and government politics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. Special attention is given to relevant data and to the possibility of hypothesis testing. This is a revised and extended study edition that is updated to include topics such as political business cycles, government debt, and deficit and social security.
Author : Stephen J. Turnovsky
Publisher : CUP Archive
Page : 416 pages
File Size : 49,6 Mb
Release : 1977-08-04
Category : Business & Economics
ISBN : 052121520X
The main focus of this book is the construction and analysis of an integrated macroeconomic model.
Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 55,7 Mb
Release : 2014-08-25
Category : Business & Economics
ISBN : 9781475566987
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Author : Peter B. Kenen
Publisher : Princeton University Press
Page : 566 pages
File Size : 54,8 Mb
Release : 1995-06-04
Category : Business & Economics
ISBN : 9780691034089
Surveying the current state of knowledge on the international monetary system, this volume contains essays on the behaviour of exchange rates, current account adjustment, international debt, European monetary union, capital mobility, the reform of former planned economies, and more.
Author : The Federal Reserve Bank,Federal Reserve Bank of Kansas City,Alan Greenspan
Publisher : Unknown
Page : 504 pages
File Size : 43,5 Mb
Release : 2003-11-01
Category : Business & Economics
ISBN : 1410209423
For some time, the use of monetary and fiscal policies to smooth business cycle fluctuations has taken a back seat to longer-term objectives of restoring price stability and fiscal balance. Many policymakers and academic economists have held the view that fiscal policy had little or no short-run stabilization role and that monetary policy should give priority to maintaining price stability. More recently, however, weaker economic performance in some of the world's economies, most notably in Japan and the United States, has led to renewed interest in the use of short-run stabilization policy. The Federal Reserve Bank of Kansas City sponsored a symposium, "Rethinking Stabilization Policy," at Jackson Hole, Wyoming, on August 29-31, 2002. The symposium brought together a distinguished group of central bank officials, academic economists, and business economists to discuss the potential scope for stabilization policy in today's new environment. Our goal for this symposium was straight-forward, although hardly simple. It was to provide a forum to discuss the roles of monetary and fiscal stabilization policies, their effectiveness, and their limitations. And finally, so as not to lose sight of a consensus from earlier meetings, we analyzed these stabilization policies' compatibility with long-run price stability and fiscal sustainability, which are critical to the success of any economy - industrial or emerging. Thomas M. Hoenig President Federal Reserve Bank of Kansas City
Author : Andrew A. Stevenson,Vitantonio Muscatelli,Mary Gregory
Publisher : Rl Innactive Titles
Page : 424 pages
File Size : 54,9 Mb
Release : 1988
Category : Economic policy
ISBN : UCBK:C006489837
The role and conduct of macroeconomic policy is examined in the light of recent developments in theory. The first Chapter of the book is concerned with the debate about the nature and causes of unemployment and inflation. The second section investigates the theory of monetary and fiscal policy in closed and open economics. The final chapter contains a full analysis of macroeconomic interdependence and policy coordination. For advanced undergraduate and postgraduate students of macroeconomic theory and policy. Contents: Introduction: The Theory of Aggregate Demand; Classical Versus Keynesian Economics: The Debate on Underemployment Equilibrium; Aggregate Supply: Monetarism and New Classical Macroeconomics; Aggregate Supply and Stabilization Policies: The Keynesian Perspective; Money, Financial Markets, and Aggregate Demand; Fiscal Policy and Aggregate Demand; Macroeconomic Policy and the Balance of Payments; Macroeconomic Policy and the Exchange Rate; The Design of Macroeconomic Policy; International Interdependence and Policy Coordination; Bibliography; Author Index; Subject Index.