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Keynes, the Keynesians and Monetarism

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ISBN: 9781847201393 9781847206923 Year: Pages: 360 DOI: 10.4337/9781847206923
Publisher: Edward Elgar Publishing
Subject: Business and Management --- Economics
Added to DOAB on : 2018-01-26 12:56:21
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Keynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings – in the newspapers and for parliamentary committees, as well as in academic journals – played an influential role in the transformation of British macroeconomic policy in the 1980s and 1990s. This book brings together the main papers written by the author since his 1992 collection, Reflections on Monetarism. It challenges several ‘conventional wisdoms’ about UK macroeconomic policy (and thinking about policy), arguing – for example – that the Keynesians’ advocacy of incomes policy and fiscal activism in the immediate post-war decades did not have a clear basis in Keynes’s own writings. The book denies that the UK had a ‘Keynesian revolution’, in the sense of a deliberately pursued fiscal activism to promote ‘full employment’. Implicit throughout the volume is a distinctive view of how the economy works, with an account of the transmission mechanism (from money to the economy) in which movements in asset prices and aggregate demand are strongly influenced by the quantity of money. Congdon uses this approach to demonstrate that monetary policy has had more powerful effects on macroeconomic activity in the post-war period than fiscal policy. He also suggests that the now fashionable ‘New Keynesian’ view of policy-making acknowledges the primacy of monetary policy and would be better termed ‘output gap monetarism’. In short, Keynes, the Keynesians and Monetarism contends that monetarism defeated Keynesianism in the battle of ideas in the 1970s and 1980s. The achievement of greater macroeconomic stability in the last 15 years is largely due to the impact of monetarist thinking on policy-making.The book is clearly and attractively written, and covers topics that are fundamental to macroeconomic thinking and policy-making. It will be a provocative and appealing read for scholars at all levels of economics, macroeconomics and monetary theory. It will also find an audience among policymakers in central banks and finance ministries, business economists working in companies, and financial economists in the City of London and other centres.

History and Political Economy

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Book Series: Routledge Studies in the History of Economics ISBN: 9780203390658 9780415327626 9780415648332 9781134337026 9781134337019 9781134336975 Year: DOI: 10.4324/9780203390658 Language: English
Publisher: Taylor & Francis
Subject: Business and Management --- Economics --- Political Science --- Social Sciences
Added to DOAB on : 2019-11-08 11:21:22
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Impressive and authoritative, this essential book brings together a collection of essays in honour of Peter Groenewegen, one of the most distinguished historians of economic thought of a generation. His work on a wide range of economic theorists such as Adam Smith, François Quesnay and Alfred Marshall approaches a level of near insuperability.

Interest-Rate Rules in a New Keynesian Framework with Investment

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Book Series: Schriften zur Wirtschaftstheorie und Wirtschaftspolitik ISBN: 9783631611289 Year: Pages: 162 Language: English
Publisher: Peter Lang International Academic Publishing Group
Subject: Economics --- Political Science
Added to DOAB on : 2019-01-15 13:33:00
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The last decades have witnessed major progress in both monetary policy theory and practice, with broad academic consensus on the desirability of monetary policy rules and ongoing research on their exact specification. Typically, the analysis is carried out in a New Keynesian framework with nominal rigidities and constant capital stock. The latter represents a constraint that this study seeks to overcome by introducing a model with investment and capital adjustment costs. The work assesses different interest-rate rule specifications with respect to the target variables included, based on two criteria: determinacy of rational-expectations equilibrium and convergence to steady state after a shock. The study concludes that rules with both an inflation and an output gap target ensure a unique rational-expectations equilibrium and a less distressful adjustment of the economy after the occurrence of shocks.

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