Macromiximisation (1980)

James Perkins

Chapter 3 in The Reform of Macroeconomic Policy, 2000, pp 28-52 from Palgrave Macmillan

Abstract: Abstract The theory of macroeconomic policy that has dominated thought and policy making since the later 1930s is essentially one-dimensional in the closed economy (and two-dimensional in the open economy). That is to say, in a closed economy we have been taught to operate on the level of demand — with any or every macroeconomic instrument. When inflation is too rapid the aim has been to use (some or all of) our policy instruments to reduce demand; and when unemployment is too high we have learned to raise the level of demand.

Keywords: Monetary Policy; Price Level; Current Account; Government Spending; Macroeconomic Policy (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28873-7_3

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DOI: 10.1057/9780230288737_3

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