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Macroeconomic Stabilization
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Book Synopsis Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics by : Hassan Bougrine
Download or read book Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics written by Hassan Bougrine and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Book Synopsis Macroeconomic Stability in Developing Countries by : Peter Montiel
Download or read book Macroeconomic Stability in Developing Countries written by Peter Montiel and published by World Bank Publications. This book was released on 2004 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. Montiel and Serven take a retrospective look at the content and implementation of the macroeconomic reform agenda of the 1990s. They review the progress achieved with fiscal, monetary, and exchange rate policies across the developing world, and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that slow growth and frequent crises resulted, more often than not, from shortcomings in the reform agenda of the 1990s. These shortcomings essentially concern the depth and breadth of the macroeconomic reform agenda, its attention to macroeconomic vulnerabilities, and the complementary reforms outside the macroeconomic sphere"--Abstract.
Book Synopsis Monetary Policy and Macroeconomic Stabilization by : Ole Roste
Download or read book Monetary Policy and Macroeconomic Stabilization written by Ole Roste and published by Routledge. This book was released on 2017-09-08 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a fundamental review and critique of activist economic policies, this book is a unique contribution to classical political economy. "Monetary Policy and Macroeconomic Stabilization" is about macroeconomic stabilization policy, with emphasis on the value of a distinct national monetary policy to growth. Ole Bjorn Roste's argument is for public officials to restrain themselves in the pursuit of policy. As the author notes: when you know less, you should do less.The history of modern macroeconomics started in 1936 with the publication of Keynes' "General Theory of Employment, Interest, and Money". The problems of the Great depression of the 1930s paved the way for a change of focus, from the long run to economic fluctuations in the short run, and from nominal to real variables, such as unemployment and aggregate output.Keynes offered clear policy implications in tune with the times. Because economic adjustment was slow, waiting for the economy to recover by itself was irresponsible. Particularly fiscal policy was essential to return to high employment. Monetary policy could affect aggregate demand through Interest rates, but was less important. Roste discusses the role of monetary policy, starting out with the implications of the theory of optimum currency areas (OCAs). This is followed by estimates of the output loss associated with disinflation policy (the sacrifice ratio) for six OECD economies. Further, Roste models the dynamic adjustment to negative, local labor-market shocks, with particular relevance to Scandinavia, in a final section.The idea that governments should pursue stabilizing fiscal or monetary policies with regard to real variables is often taken for granted by the public, if not by economists. Among the reasons for skepticism, is the presence of differing views on how economies really work, that the state of a given economy becomes known only after a time lag, and that economic agents react to policy and expectations of policy. For these reasons, the effects of policy are generally uncertain. This book explains why the role of history is critical to the study of macroeconomics.p>
Book Synopsis Fiscal Policy and Macroeconomic Stability by : Mr.Xavier Debrun
Download or read book Fiscal Policy and Macroeconomic Stability written by Mr.Xavier Debrun and published by International Monetary Fund. This book was released on 2010-05-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper revisits the link between fiscal policy and macroeconomic stability. Two salient features of our analysis are (1) a systematic test for the government’s ambivalent role as a shock absorber and a shock inducer—removing a downward bias present in existing estimates of the impact of automatic stabilizers—and (2) a broad sample of advanced and emerging market economies. Results provide strong support for the view that fiscal stabilization operates mainly through automatic stabilizers. Also, the destabilizing impact of policy changes not systematically related to the business cycle may not be as robust as suggested in the literature.
Author :Jean-Olivier Hairault Publisher :Springer Science & Business Media ISBN 13 :1461561736 Total Pages :355 pages Book Rating :4.4/5 (615 download)
Book Synopsis Business Cycles and Macroeconomic Stability by : Jean-Olivier Hairault
Download or read book Business Cycles and Macroeconomic Stability written by Jean-Olivier Hairault and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).
Book Synopsis The New Economy and Macroeconomic Stability by : Dario Togati
Download or read book The New Economy and Macroeconomic Stability written by Dario Togati and published by Routledge. This book was released on 2013-03-07 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has seen many leading economies, especially the US, undergo profound structural transformations. Departing from the standard theories employed to explain this phenomenon, here author Togati provides the first broad analysis of the New Economy. In this book, the first to look at the new economy from a post-Keynesian / post-modern perspective, he focuses on its macroeconomic implications, presenting a more balanced view than that provided by orthodox neoclassical analysis, and studying the interaction of key variables such as: * information technology * globalization * the increasing significance of intangibles and financial markets. This ground-breaking book utilizes a ‘neo-modern’ perspective drawing on complexity theory to advance the study of the stability and dynamic behaviour of economic systems. Togati utilizes the Calvino labels to identify new empirical evidence, and examines the implications for global stability based on New Classical Macroeconomics and Keynsian theory. The analysis developed in this book has important practical and policy implications for the New Economy, making this book essential reading for students, academics and practitioners in this field.
Book Synopsis Macroeconomic Stabilization in Transition Economies by : Mario I. Blejer
Download or read book Macroeconomic Stabilization in Transition Economies written by Mario I. Blejer and published by Cambridge University Press. This book was released on 1997-03-28 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explore the special type of policies that were needed in the post-socialist countries of Eastern Europe and the Former Soviet Union in order to reduce inflation and to stop the fall in output that followed the collapse of Communism. The book contains a number of general studies that discuss the type of reforms needed and how they condition policies and analyze the aggregate relationship between reducing inflation, implementing structural reforms, and renewing the process of growth.
Book Synopsis Uncertainty, Macroeconomic Stability and the Welfare State by : Sven R Larson
Download or read book Uncertainty, Macroeconomic Stability and the Welfare State written by Sven R Larson and published by Routledge. This book was released on 2019-01-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2002: This monograph sets out to model a macroeconomy that is inherently unstable because of qualitative - or Keynesian - uncertainty. By modelling a macroeconomic theory, this approach to fixed or sticky prices also investigates the link between uncertainty, sticky prices, and macro-stability - by suggesting that such prices improve economic activity rather than impeding it.
Book Synopsis Macroeconomic Stabilization and Adjustment by : M. J. Manohar Rao
Download or read book Macroeconomic Stabilization and Adjustment written by M. J. Manohar Rao and published by . This book was released on 2001 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers an analytic framework for understanding key aspects related to the structure and transformation of open economics and describes the basic macroeconomic logic underlying the reforms.
Book Synopsis Exchange Rate Regimes and Macroeconomic Stability by : Lok Sang Ho
Download or read book Exchange Rate Regimes and Macroeconomic Stability written by Lok Sang Ho and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
Book Synopsis Macroeconomic Stability in Resource-Rich Countries by : Ms.Elva Bova
Download or read book Macroeconomic Stability in Resource-Rich Countries written by Ms.Elva Bova and published by International Monetary Fund. This book was released on 2016-02-23 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices. Given the severity of the shocks, it would be expected that these countries adopt countercyclical fiscal policies to help shield the domestic economy. Taking advantage of a new dataset covering 48 non-renewable commodity exporters for the period 1970-2014, we investigate whether fiscal policy does indeed play a stabilizing role. Our analysis shows that fiscal policy tends to have a procyclical bias (mainly via expenditures) and, contrary to others, we do not find evidence that this bias has declined in recent years. Adoption of fiscal rules does not seem to reduce procyclicality in a significant way, but the quality of political institutions does matter. Finally, non-commodity revenues tend to respond only to persistent changes in commodity prices.
Book Synopsis Macroeconomic Theory and Stabilization Policy by : Willem H. Buiter
Download or read book Macroeconomic Theory and Stabilization Policy written by Willem H. Buiter and published by . This book was released on 1989 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Full Employment and Price Stability by : William Spencer Vickrey
Download or read book Full Employment and Price Stability written by William Spencer Vickrey and published by Edward Elgar Publishing. This book was released on 2004 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of Vickrey's writings is primarily concerned with macro policy issues, and thus includes some of his lesser-known work. It is a collection that Bill would have wanted to get out to the public because he felt that a solid macro policy was necessary to create a foundation of equity and efficiency before one can even start talking about micro policy.' - From the preface by David Colander, Middlebury College, US Collecting Nobel Laureate William S. Vickrey's articles on macroeconomic theory and policy written towards the end of his career, this volume demonstrates his enduring commitment to full employment and price stability, and his rejection of conventional macroeconomic theorizing. William Vickrey never lost hope that sensible macroeconomic policy could be understood and implemented, a faith inspired by his humanistic vision of a better world for all and his belief that common sense would ultimately prevail. Advocating sensible economic policies, this collection will offer much of value to heterodox and orthodox economists, graduate economics students and also policymakers.
Book Synopsis Lessons of Economic Stabilization and Its Aftermath by : Banḳ Yiśraʼel
Download or read book Lessons of Economic Stabilization and Its Aftermath written by Banḳ Yiśraʼel and published by MIT Press. This book was released on 1991 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprises essays presented at a conference held in Jerusalem in 1990.
Book Synopsis Monetary Policy and Macroeconomic Stabilization in Latin America by : Rolf J. Langhammer
Download or read book Monetary Policy and Macroeconomic Stabilization in Latin America written by Rolf J. Langhammer and published by Springer Science & Business Media. This book was released on 2007-08-07 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and financial crises, which, in certain moments, have even spilled over and affected other emerging markets. This has resulted in huge costs in terms of lost potential growth, and, as is inevitable, the markets most affected by this have been the least capable of defending themselves. In a region plagued by still considerable rates of social exclusion, with some of the highest rates of income concentration in the whole globe, the human costs of these crises have been very substantial. Starting in the early 1990s, the slow implementation of reforms, plus the resumption of more sustained growth—to a substantial degree linked to the increase in commodity prices, especially since the early 2000s—seems to have resulted in a more stable situation. Initially, in early reformers like Chile, later in the larger economies of the region, like Brazil and Mexico, a consensus— embraced by both sides of the political spectrum—towards integration in global markets, both in their trade and financial components, floating exchange rates, independent monetary authorities, and sustainable fiscal policies has emerged.
Book Synopsis Financial Factors in Economic Stabilization and Growth by : Mario I. Blejer
Download or read book Financial Factors in Economic Stabilization and Growth written by Mario I. Blejer and published by Cambridge University Press. This book was released on 1996-06-13 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores how financial factors have become of key importance for stabilization and growth in developing and transforming economies.
Book Synopsis The Political Economy of Inflation and Stabilization in Middle-income Countries by : Stephan Haggard
Download or read book The Political Economy of Inflation and Stabilization in Middle-income Countries written by Stephan Haggard and published by World Bank Publications. This book was released on 1990 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic stability is most precarious, and stabilization most likely to be delayed, where the party system is fragmented or polarized.
