Seven Schools of Macroeconomic Thought: The Arne Ryde Memorial Lectures

By Edmund S. Phelps | Go to book overview
the extra unemployment were obtained by a reduction of employment. The former method is cost-effective, I believe, since the extra resources brought into the reserve army of the unemployed in the battle against inflation are those who valued jobs less than those actually holding jobs, some of whom would be laid off by the usual contractionary methods of disinflation. Of course, in richer models there might be lay-offs in export industries as a result of the currency appreciation wrought by the supply-side mix.

References

Blinder Alan S. ( 1983) "'Can Income Tax Increases be Inflationary?'", National Tax Journal, 26/ 2, 295-301.

Fitoussi J. P., and Phelps Edmund S. ( 1986) "'Causes of the 1980s Slump in Europe'", Brookings Papers on Economic Activity, 16/ 2, 487-513.

Hitch Charles J., and McKean Ronald ( 1960) The Economics of Defense in the Nuclear Age, Cambridge, Mass.: Harvard University Press.

Lal Deepak, and van Sweder Wijnbergen ( 1985) "'Government Deficits, the Real Interest Rate, and LDC Debt'", European Economic Review, 29 (Nov.-Dec.), 157-91.

Meade James E. ( 1951) The Theory of Economic Policy, London: Allen and Unwin.

-----and Vines David ( 1987) 'Monetary Policy and Fiscal Policy: Impact Effects with a New Keynesian "Assignment" of Weapons to Target', Department of Political Economy, University of Glasgow, Discussion Papers in Economics, no. 8801 (Oct.).

Mundell Robert A. ( 1960) "'The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates'", Quarterly Journal of Economics, 74 (May), 227-57.

-----( 1962) "'The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability'", International Monetary Fund Staff Papers, no. 9 (Mar.), 70-9.

-----( 1971) The Dollar and the Policy Mix: 1971, Essays in International Finance, no. 85, International Finance Section, Princeton University (May).

Phelps Edmund S. ( 1985) "'Appraising the American Fiscal Stance'", Banca d'Italia, Discussion Paper 56 (Nov.); also in M. J. Boskin, J. S. Flemming , and S. Gorini, eds., Private Saving and Public Debt, Oxford: Basil Blackwell, 1987.,

------and Velupillai K. ( 1988) "'Optimum Fiscal Policy when Monetary Policy is Bound by a Rule'", in K. J. Arrow and M. J. Boskin, eds., The Economics of Public Debt: Proceedings of a Conference held by theInternational Economic Association at Stanford, California

-80-

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Seven Schools of Macroeconomic Thought: The Arne Ryde Memorial Lectures
Table of contents

Table of contents

  • Title Page v
  • Preface ix
  • Contents xiii
  • 1 - The Macroeconomics of Keynes 1
  • References 26
  • 2 - The Monetarist Tradition 29
  • References 39
  • 3 - The New Classical School 42
  • References 50
  • 4 - The New Keynesian School 52
  • References 63
  • 5 - Supply-Side Macroeconomics 66
  • References 80
  • 6 - Neoclassical and Neo- Neoclassical Real Business Cycle Theory 82
  • References 92
  • 7 - Non-Monetary Theories of Unemployment Fluctuation: The Structuralist School 94
  • References 106
  • Index 109
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