Macroeconomic Stabilization

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Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics

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Author : Hassan Bougrine
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-07-31

Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics written by Hassan Bougrine and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-31 with Business & Economics categories.

Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.

Monetary Policy And Macroeconomic Stabilization

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Author : Ole Roste
language : en
Publisher: Routledge
Release Date : 2017-09-08

Monetary Policy And Macroeconomic Stabilization written by Ole Roste and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-08 with Business & Economics categories.

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>

Macroeconomic Stability In Developing Countries

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Author : Peter Montiel
language : en
Publisher: World Bank Publications
Release Date : 2004

Macroeconomic Stability In Developing Countries written by Peter Montiel and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Developing countries categories.

"In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. Montiel and Serven take a retrospective look at the content and implementation of the macroeconomic reform agenda of the 1990s. They review the progress achieved with fiscal, monetary, and exchange rate policies across the developing world, and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that slow growth and frequent crises resulted, more often than not, from shortcomings in the reform agenda of the 1990s. These shortcomings essentially concern the depth and breadth of the macroeconomic reform agenda, its attention to macroeconomic vulnerabilities, and the complementary reforms outside the macroeconomic sphere"--Abstract.

Fiscal Policy And Macroeconomic Stability

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Author : Mr.Xavier Debrun
language : en
Publisher: International Monetary Fund
Release Date : 2010-05-01

Fiscal Policy And Macroeconomic Stability written by Mr.Xavier Debrun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-01 with Business & Economics categories.

The paper revisits the link between fiscal policy and macroeconomic stability. Two salient features of our analysis are (1) a systematic test for the government’s ambivalent role as a shock absorber and a shock inducer—removing a downward bias present in existing estimates of the impact of automatic stabilizers—and (2) a broad sample of advanced and emerging market economies. Results provide strong support for the view that fiscal stabilization operates mainly through automatic stabilizers. Also, the destabilizing impact of policy changes not systematically related to the business cycle may not be as robust as suggested in the literature.

Macroeconomic Stabilization In Transition Economies

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Author : Mario I. Blejer
language : en
Publisher: Cambridge University Press
Release Date : 1997-03-28

Macroeconomic Stabilization In Transition Economies written by Mario I. Blejer and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-03-28 with Business & Economics categories.

The essays in this volume explore the special type of policies that were needed in the post-socialist countries of Eastern Europe and the Former Soviet Union in order to reduce inflation and to stop the fall in output that followed the collapse of Communism. The book contains a number of general studies that discuss the type of reforms needed and how they condition policies and analyze the aggregate relationship between reducing inflation, implementing structural reforms, and renewing the process of growth.

Macroeconomic Stabilization And Adjustment

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Author : M. J. Manohar Rao
language : en
Publisher:
Release Date : 2001

Macroeconomic Stabilization And Adjustment written by M. J. Manohar Rao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.

The book offers an analytic framework for understanding key aspects related to the structure and transformation of open economics and describes the basic macroeconomic logic underlying the reforms.

Exchange Rate Regimes And Macroeconomic Stability

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Author : Lok Sang Ho
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-28

Exchange Rate Regimes And Macroeconomic Stability written by Lok Sang Ho and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-28 with Business & Economics categories.

The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.

Lessons Of Economic Stabilization And Its Aftermath

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Author : Banḳ Yiśraʼel
language : en
Publisher: MIT Press
Release Date : 1991

Lessons Of Economic Stabilization And Its Aftermath written by Banḳ Yiśraʼel and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.

Comprises essays presented at a conference held in Jerusalem in 1990.

Business Cycles And Macroeconomic Stability

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Author : Jean-Olivier Hairault
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Business Cycles And Macroeconomic Stability written by Jean-Olivier Hairault and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).

Financial Factors In Economic Stabilization And Growth

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Author : Mario I. Blejer
language : en
Publisher: Cambridge University Press
Release Date : 1996-06-13

Financial Factors In Economic Stabilization And Growth written by Mario I. Blejer and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-06-13 with Business & Economics categories.

This collection explores how financial factors have become of key importance for stabilization and growth in developing and transforming economies.