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expectations, without putting the guarantee to test. This paper presents a detailed treatment of Domar's stabilization plan in the …Evsey Domar put forward in a couple of articles in the 1940s a "guaranteed income growth proposal." For the first time … in macroeconomics, economic policy was supposed to work merely through the impact of its announcement on expectations. He …
Persistent link: https://www.econbiz.de/10012257524
Persistent link: https://www.econbiz.de/10012594120
economic growth – have been often ascribed to H arrod's and Domar's proposition that the rate of growth is the product of the … (Lewis, Hirschman, Rostow and others) were aware that Harrod's and Domar's growth models addressed economic instability based …
Persistent link: https://www.econbiz.de/10011592246
economic growth - have been often ascribed to H arrod's and Domar's proposition that the rate of growth is the product of the … (Lewis, Hirschman, Rostow and others) were aware that Harrod's and Domar's growth models addressed economic instability based …
Persistent link: https://www.econbiz.de/10011600579
The paper investigates the role played by Friedman's interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an empirical...
Persistent link: https://www.econbiz.de/10011893098
The paper investigates the role played by Friedman’s interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an...
Persistent link: https://www.econbiz.de/10011890130
The Obama stimulus package has been less than a total success if one is to compare what was predicted to what has been delivered to date. The crux of the problem is that the economic planners have ignored or failed to take into account the secondary effects that increased government spending has...
Persistent link: https://www.econbiz.de/10013054157
Samuelson and Solow in their 1960 paper in the American Economic Review: Papers and Proceedings were among the first economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They addressed the question of the relevance of Phillips's...
Persistent link: https://www.econbiz.de/10011592229
Samuelson and Solow in their 1960 paper in the American Economic Review: Papers and Proceedings were among the first economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They addressed the question of the relevance of Phillips's...
Persistent link: https://www.econbiz.de/10010510926
A standard model of activist macroeconomic policy derives a monetary reaction rule by assuming that governments have performance objectives, but are constrained by an augmented Phillips curve. In addition to monetary policy governments apply a variety of instruments to influence inflation and...
Persistent link: https://www.econbiz.de/10010210834