Titlebook: Macroeconomic Policy and Public Choice; David Kiefer Book 1997 Springer-Verlag Berlin Heidelberg 1997 Depression.Inflation.Intervention.Ke

無關(guān)緊要

Social Choice,he stabilization of the business cycle also requires public action; other social choices include national defense, road construction and environmental protection. All of these may be implicit in the choice between competing presidential candidates. This chapter discusses the theory and practice of public decisions.

冷漠

The Phillips Curve and Expectations, can be substituted for the wage inflation rate, and the deviation of actual output from its natural level for the unemployment rate. The curve implies a limit on governmental options. It was originally thought, as implied by Fig. 4.2, that a government could employ Keynesian techniques to pick any point along the Phillips curve.

包裹

Citizen Prefrences,conomy started to move up again in November-after it was too late to affect the election returns. In October, usually a month of rising unemployment, the jobless rolls increased by 452,000. All the speeches, television broadcasts, and precinct work in the world could not counteract that one hard fact.-Richard Nixon (1962: 309–311).

法律的瑕疵

Book 1997ich dampens the impact of exogenous shocks. This is a situation in which rational voters favor discretionary policy over a fixed policy rule even with rational economic agents. Special attention is given to the relevant data and to the possibilities of hypothesis testing.

痛苦一生

他一致

Fiscal and Monetary Policy,se two types of policy are inherently dependent. In this chapter we return to a more general version of stabilization policy, as in Chap. 2, in which fiscal and monetary policies may be conceptually separate.

obtuse

puzzle

Microeconomic Foundations,market prices which clear all markets. This market equilibrium, if it exists, has certain beneficial properties, although these are limited and might be improved upon if its citizens can collectively agree on a definition of justice.

Sputum

分離