Similar Search Results

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

This paper reconsiders the case for the use of fiscal policy based on a "functional finance" approach that advocates the use of fiscal policy to secure high levels of demand in the context of private aggregate demand, which would otherwise be too low. This "functional finance" view means that...

Persistent link: https://www.econbiz.de/10005408077

Reinventing Fiscal Policy

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of...

Persistent link: https://www.econbiz.de/10005408097

Monetary policy, credit and aggregate supply: the evidence from Italy

Fiorentini, R.; Tamborini, R. - EconWPA - 2000

transmission. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is … economy. We find evidence that the "credit variables" identified by the model, the overnight rate and a measure of credit risk …, have permanent effects on employment and output through the supply side of the economy by altering credit supply conditions …

Persistent link: https://www.econbiz.de/10005119371