THE DEBATE OVER STABILIZATION POLICY by Franco Modigliani ( 9780521189705 )

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Title:

THE DEBATE OVER STABILIZATION POLICY

By:

Franco Modigliani

Format:

Paperback

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£33.99

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£29.74

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ISBN 10:

0521189705

ISBN 13:

9780521189705

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Publisher:

CAMBRIDGE UNIVERSITY PRESS

Pub. date:

11 January, 2011

Series:

Raffaele Mattioli Lectures

Pages:

292

Description:

This 1986 book examines some of the main issues that have characterized macroeconomics.

Synopsis:

This 1986 book examines some of the main issues that have characterized macroeconomics: the debate between 'monetarists' and 'Keynesians'; the response to demand shocks and supply shocks, by which the monetary authorities control aggregrate nominal income and the use and relevance of the money supply as a target; and the consumption function and the determinants of wealth. It shows that Keynesian stabilization policies succeeded in reducing instability due to demand shocks dramatically, but that no aggregrate demand policy can stabilize both price and employment simultaneously after a supply shock. However, by assigning an overall 'social cost' to (excess) unemployment and (initially) unexpected inflation, an optimism path can be derived. In looking at the consumption function and determinants of wealth the empirical evidence is shown to be most consistent with the life-cycle hypothesis. A concluding section is devoted to the impact on private and national society of the 'social security revolution'.

Publication:

Imprint:

Cambridge University Press

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Returnable

Some other items by this author:

ADVENTURES OF AN ECONOMIST (HB)

CAPITAL MARKETS (HB)

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DEBATE OVER STABILIZATION POLICY (HB)

EUROPEAN ECONOMIC RECOVERY (PB)

FOUNDATIONS OF FINANCIAL MARKETS (PB)