Stabilization Policy: A Turbulent Journey Through Time

Oliver Landmann ()
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Oliver Landmann: Department of International Economic Policy, University of Freiburg

No 42, Discussion Paper Series from Department of International Economic Policy, University of Freiburg

Abstract: The theory and practice of stabilization policy has taken many turns as it evolved over the past century, oscillating between high hopes and deep skepticism regarding the capacity – and desirability - of governments taking responsibility for macroeconomic stability. This paper reviews the turbulent history of stabilization policy, highlighting the close interaction between events, policies, and ideas. The focus is on the single most debated issue in this history: the resilience of a market economy in the face of macroeconomic shocks. Views on this question have been shaped by experience, theory and ideology to varying degrees.

Keywords: Stabilization Policy; Macroeconomics; Fiscal Policy; Monetary Policy; History of Economic Thought (search for similar items in EconPapers)
JEL-codes: B10 B20 E00 E32 E50 E62 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2022-09, Revised 2022-09
New Economics Papers: this item is included in nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:fre:wpaper:42

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