Indeed it can reasonably be said that fiscal and monetary policy have been the policy instruments of choice in the United Kingdom since 1945 for controlling the level of economic activity, although prices-and-incomes policy, which we will discuss in the following chapter, has at times achieved ...
are to be known asfiscal policy; similarly changes in the money stock are known asmonetary policy. An implication of the theory developed in Chap. 4 is that government spending, tax rates and the money supply can all be effective
the 9th Euroframe Conference on Economic Policy Issues in the European Union on "The euro area in crisis: challenges for monetary and fiscal policies, and prospects for monetary union", Kiel, June 8, http://www.euroframe.org/fileadmin/user_upload/euroframe/docs/2012/EUROF12_Dabrowski .pdf...
This paper presents an aggregate model of the Italian economy, discusses its properties, simulation results and the implications on the main macroeconomic variables of different reaction functions of the monetary authority. The main features of the model are: (a) specification in continuous time; (b...
货币政策Monetary Policy 是指政府或中央银⾏为影响所采取的措施，尤指控制以及调控的各项措施。⽤以达到特定或维持政策⽬标——⽐如，抑制通胀、实现完全就业或。直接地或间接地通过和设置银⾏最低（最低）。货币理论和货币政策是同⼀事物的两⾯，⼀个是从经济理论⾓度讲，⼀个是从政策措施讲。根...
" Optimal fiscal and monetary policy with costly wage bargaining ," Journal of Monetary Economics , Elsevier, vol. 55(8), pages 1401-1414, November. David M. Arseneau & Sanjay K. Chugh, 2007. " Optimal fiscal and monetary policy with costly wage bargaining ," International Finance Discussion...
monetary policy; fiscal policy; discretion; commitment; zero nominal interest rate bound; New Keynesian model I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls th...
We …nd that the change occurred in the early '80s and we point out the following results. First, if the Ricardian regime had been in place since 1955 or if agents had anticipated the switch, the Great Inflation would not have occurred and debt would have been higher. This is because ...
In 1944 the Coalition Government, with the approval of all political parties, published a White Paper on Employment Policy in which government in the U.K. accepted the responsibility for maintaining a ‘high and stable level of employment’.
monetary policy, and the exchange rate were not mentioned, evenen passant. Inflation, it was thought, would be controlled by incomes policies, and the co-operative spirit of unions and management. Fiscal policy was the major lever in ensuring that aggregate demand was sufficient to create the ...