The debate over stabilization policy
Features
Author: Franco Modigliani
Publisher: Cambridge University Press
Place of printing: Cambridge
Year of publication: 1986
Necklace: Raffaele Mattioli Lectures
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'.
Product Condition:
Exemplary in good condition, in a case burnished at the edges, with dust spots and minimal signs of wear on the corners and edges. Dust jacket with yellowing, browned spine, dust spots and minimal signs of wear on the edges and corners. Text in English. Text in English. Book in good condition.
ISBN Code: 0521267900
EAN: 9780521267908
Pages: XIV,270
Format: Hardback with dust jacket
Dimensions (cm):
Height: 25
Width: 17
Description
Text in English. Text in English.
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