
The Debate Over Stabilization Policy
Franco Modigliani(Author)
Cambridge University Press
Published on 3. March 2011
Book
Paperback/Softback
292 pages
978-0-521-18970-5 (ISBN)
Description
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'.
More details
Series
Language
English
Place of publication
Cambridge
United Kingdom
Target group
College/higher education
Product notice
Paperback (trade)
Illustrations
Worked examples or Exercises
Dimensions
Height: 234 mm
Width: 156 mm
Thickness: 16 mm
Weight
447 gr
ISBN-13
978-0-521-18970-5 (9780521189705)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Franco Modigliani
The Debate Over Stabilization Policy
Book
09/1986
Cambridge University Press
€43.33
Article exhausted; check for reprint
Previous edition
Franco Modigliani
The Debate Over Stabilization Policy
Book
09/1986
Cambridge University Press
€43.33
Article exhausted; check for reprint
Content
Foreword; 1. First lecture: Keynesianism, Monetarism, and the case for and against active stabilization policies; 2. Second lecture: aggregate demand and the control of the inflationary process; 3. Third lecture: the monetary mechanism revisited and its relations with the financial structure; 4. Fourth lecture: the accumulation of individual and national wealth and the role of social security; 5. Discussion; 6. Comments; 7. Biography of Franco Modigliani; References; Index.