Title: The Debate Over Stabilization Policy (Raffaele Mattioli Lectures Series)
Publisher: Cambridge University Pres, London
Publication Date: 1986
Language: English
ISBN 10: 0521267900
ISBN 13: 9780521267908
Binding: Hardcover
Edition: 1st
Condition: Near Fine
Dust Jacket Condition: No Jacket

About this title

Synopsis

This 1986 book examines some of the main issues that have characterized macroeconomics: the debate between 'monetarists' and 'Keynesians'; the response to demand shocks and supply shocks, by which the monetary authorities control aggregrate nominal income and the use and relevance of the money supply as a target; and the consumption function and the determinants of wealth. It shows that Keynesian stabilization policies succeeded in reducing instability due to demand shocks dramatically, but that no aggregrate demand policy can stabilize both price and employment simultaneously after a supply shock. However, by assigning an overall 'social cost' to (excess) unemployment and (initially) unexpected inflation, an optimism path can be derived. In looking at the consumption function and determinants of wealth the empirical evidence is shown to be most consistent with the life-cycle hypothesis. A concluding section is devoted to the impact on private and national society of the 'social security revolution'.

Book Description

This 1986 book examines some of the main issues that have characterised macroeconomics: the debate between 'monetarists' and 'Keynesians'; the response to demand and supply shocks, by which the monetary authorities control aggregrate nominal income; and the consumption function and the determinants of wealth.

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