Conclusions and Policy Implications

Gordon Pepper
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Gordon Pepper: City University Business School

Chapter 13 in Inside Thatcher’s Monetarist Revolution, 1998, pp 192-194 from Palgrave Macmillan

Abstract: Abstract Forecasts of the economy are inaccurate; the average margin of error is 1 per cent of GDP or more. This is true whether the forecasts are Keynesian or monetarist and whether or not use is made of a macroeconomic model of the economy. Because of the inaccuracy, attempts should not be made to predict minor fluctuations in the business cycle. Because the state of knowledge is inadequate to be able to do so successfully, attempts should not be made to fine-tune the economy.

Keywords: Business Cycle; Policy Implication; Money Supply; Unemployment Benefit; Remedial Action (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-0-333-99547-1_13

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