Optimal Stabilisation Policies in West Germany and the Netherlands

Philip Arestis, Sean Holly and E. Karakitsos

Chapter Chapter 15 in Controlling Industrial Economies, 1983, pp 309-338 from Palgrave Macmillan

Abstract: Abstract Most western industrialised countries experienced high inflation rates and substantial unemployment in the 1970s. This has led to questions being asked about the appropriateness of using conventional stabilisation policies. The aim of this paper is to consider, in the context of the Fed. Rep of Germany, and the Netherlands, whether it would have been possible to design stabilisation policies which would have attenuated, if only to a limited extent, the rapid rise in the rate of inflation and the level of unemployment during the period under investigation (1973–77), but especially so in the shorter period 1974–76. However, it must be emphasised that, although both countries’ inflation and unemployment rates during this period were lower — perhaps more so in the case of the F.R.G. — than those experienced by some of the other industrial countries, they were, nevertheless, higher than those experienced in the 1960s.

Keywords: Monetary Policy; Discount Rate; Fiscal Policy; Policy Instrument; Government Expenditure (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06340-6_15

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DOI: 10.1007/978-1-349-06340-6_15

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