The Debate Over Stabilization Policy

By:

Franco Modigliani

Format:

Paperback / softback

Series:

Raffaele Mattioli Lectures

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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'.

Release date Australia

March 3rd, 2011

Author

Franco Modigliani

Audience

Postgraduate, Research & Scholarly

Illustrations

Worked examples or Exercises

Pages

292

Series

Raffaele Mattioli Lectures

Dimensions

156x234x16

ISBN-13

9780521189705

Product ID

9011831

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