First published in 1983, this is the second of two volumes on the
causes and cure of stagflation ? that combination of mass
unemployment and rapid inflation that is currently afflicting the
mixed economies of the industrially developed world. The authors
deplore the unemployment due to the failure of governments to adopt
Keynesian measures for the expansion of economic activity, but
recognise that in present conditions such measures would lead to an
unacceptable and explosive inflation of money wages and prices.
They therefore advocate a dual strategy of financial policies for a
steady expansion of total money incomes combined with individual
wage rates set at levels to promote employment.
The book is of importance for all those concerned with
macroeconomic theory and policy. The description of the meaning of
a New Keynesian policy and of the arguments for it have been
written in a way which should be intelligible to policy-makers and
students, and not only to economists with technical training.
Professional macroeconomists will be interested not only in these
sections but also in the fully specified macroeconomic model used
to analyse New Keynesian policies in economic terms and to carry
out a counterfactual re-running of history. In addition, the
unusually detailed exposition of the application of control
techniques to a difficult multivariable control problem also makes
the book of interest to control engineers who wish to acquaint
themselves with recent generalisations of classical frequency
response methods.
General
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