Managing the Modern Economy: Econometric Specification

Lawrence Klein

Chapter 11 in Optimal Control for Econometric Models, 1979, pp 265-285 from Palgrave Macmillan

Abstract: Abstract The legacy of the Keynesian Revolution is a method or an approach to macroeconomic management that attempts largely, but not entirely, to manipulate the level of demand through fiscal and monetary policy instruments in order to achieve economic stabilisation. This has been assumed to mean steady operation of the economy at or near full employment. In the open economy, this approach must be extended to include manipulation of trade policy instruments.

Keywords: Econometric Model; Full Employment; Final Demand; Modern Economy; Economic Management (search for similar items in EconPapers)
Date: 1979
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16092-1_11

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DOI: 10.1007/978-1-349-16092-1_11

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