The Debate Over Stabilization Policy (Raffaele Mattioli Lectures) - Hardcover

Modigliani, Franco

 
9780521267908: The Debate Over Stabilization Policy (Raffaele Mattioli Lectures)

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'.

"synopsis" may belong to another edition of this title.

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.

"About this title" may belong to another edition of this title.

Other Popular Editions of the Same Title

9780521189705: The Debate Over Stabilization Policy (Raffaele Mattioli Lectures)

Featured Edition

ISBN 10:  0521189705 ISBN 13:  9780521189705
Publisher: Cambridge University Press, 2011
Softcover