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J. O. N. Perkins (auth.)'s A General Approach to Macroeconomic Policy PDF

By J. O. N. Perkins (auth.)

ISBN-10: 0312048963

ISBN-13: 9780312048969

ISBN-10: 1349106615

ISBN-13: 9781349106615

ISBN-10: 1349106631

ISBN-13: 9781349106639

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Extra resources for A General Approach to Macroeconomic Policy

Sample text

See Dramais, 1986. See Perkins and Tran Van Hoa, 1987 and Appendix to Perkins, 1985. 4 Dealing with Two Macroeconomic Problems The a priori arguments in Chapter 2 and the empirical evidence in Chapter 3 imply that there are various combinations of macroeconomic policy instruments that can be used to work towards the achievement of higher real output or employment, so long as there are spare resources in the economy, without increasing prices, and even while reducing the upward pressure on prices.

As no government has such an exact knowledge of the relevant figures, however, policy makers are normally accustomed to think of themselves as 'assigning' an instrument to an objective: that is, to changing the setting of it primarily with an eye to its effect on a particular objective. Provided that the government has a reasonably good idea about which of the available instruments will have the most helpful effect on each of its objectives with the minimum of adverse effect (or, of course, ideally, with a helpful effect) on the achievement of its other macroeconomic objective, it can change the setting of each of the instruments in directions that can be expected to improve the general macroeconomic situation.

The use made of these results for the purpose of discussion of policy issues relates, however, primarily to the direction and the ranking of the effects of the various instruments on the different objectives; and the precise numerical value of these effects is not intended to be used for drawing any more exact conclusions. But it appears permissible to use these results partly as an illustration of the principles involved, and also to suggest conclusions about the directions of change in the various instruments that are most likely to contribute towards dealing with a given combination of macroeconomic problems.

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A General Approach to Macroeconomic Policy by J. O. N. Perkins (auth.)

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