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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