The Debate Over Stabilization Policy - Couverture rigide

Modigliani, Franco

Couverture rigide

ISBN 10 : 0521267900 ISBN 13 : 9780521267908

Editeur : Cambridge University Press, 1986

Synopsis

This 1986 book examines some of the main issues that have characterized macroeconomics.

A propos du livre

Présentation de l'éditeur

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'.

Détails de l'édition

• Éditeur: Cambridge University Press
• Date d'édition: 1986
• Langue: anglais
• ISBN 10: 0521267900
• ISBN 13: 9780521267908
• Reliure: Relié
• Nombre de pages: 284
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible