By Philip Arestis, Malcolm Sawyer (eds.)
ISBN-10: 023030768X
ISBN-13: 9780230307681
ISBN-10: 1349335029
ISBN-13: 9781349335022
ISBN-10: 4620113301
ISBN-13: 9784620113302
This quantity offers with either a brand new theoretical framework and the aptitude of recent economics to take on a couple of fiscal problems.It bargains unique research and proficient touch upon the kind of new economics rising within the aftermath of the monetary quandary and the 'great recession'.
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Extra info for New Economics as Mainstream Economics
Sample text
Although whether the latter difficulties are any greater than the estimation of key variables in the current orthodoxy such as the ‘equilibrium rate of interest’ and the ‘nonaccelerating inflation rate of unemployment’ is an interesting question. We maintain, therefore, that fiscal policy is paramount in both the short run and in the long run (see, also, Arestis, 2009a; Arestis and Sawyer, 2006, 2010b). We consider the operation of fiscal policy in terms of movements in the fiscal stance in the short run and also in respect of the long-run setting.
1993) ‘The Role of Macroeconomic Factors in Growth’, Journal of Monetary Economics, 32(3), pp. 458–512. Ghosh, A. and Phillips, S. (1998) ‘Warning: Inflation May be Harmful to Your Growth’, IMF Staff Papers, 45(4), pp. 672–710. E. (2005a) ‘Safeguarding Good Policy Practice’, in Reflections on Monetary Policy 25 Years after October 1979, Federal Reserve Bank of St Louis Review, March/April, 87(2, Part 2), pp. 298–302. E. (2005b) ‘The Experience of Inflation Targeting since 1993’, in P. Arestis, M.
This is possible so long as the fiscal and monetary authority have a common objective, for example maximisation of social welfare. Eggertsson (2006) utilising a calibrated model, not dissimilar in substance to the NCM type of macroeconomic model (see, for example, Arestis, 2007), concludes that under fiscal and monetary policy coordination fiscal multipliers are higher than when no policy coordination prevails. Indeed, they are bigger than those found in the traditional Keynesian literature. 7.
New Economics as Mainstream Economics by Philip Arestis, Malcolm Sawyer (eds.)
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