This 1986 book examines some of the main issues that have
characterized macroeconomics: the debate between 'monetarists' and
'Keynesians'; the response to demand shocks and supply shocks, by
which the monetary authorities control aggregrate nominal income
and the use and relevance of the money supply as a target; and the
consumption function and the determinants of wealth. It shows that
Keynesian stabilization policies succeeded in reducing instability
due to demand shocks dramatically, but that no aggregrate demand
policy can stabilize both price and employment simultaneously after
a supply shock. However, by assigning an overall 'social cost' to
(excess) unemployment and (initially) unexpected inflation, an
optimism path can be derived. In looking at the consumption
function and determinants of wealth the empirical evidence is shown
to be most consistent with the life-cycle hypothesis. A concluding
section is devoted to the impact on private and national society of
the 'social security revolution'.
General
| Imprint: |
Cambridge UniversityPress
|
| Country of origin: |
United Kingdom |
| Series: |
Raffaele Mattioli Lectures |
| Release date: |
March 2011 |
| First published: |
2011 |
| Authors: |
Franco Modigliani
|
| Dimensions: |
234 x 156 x 16mm (L x W x T) |
| Format: |
Paperback - Trade
|
| Pages: |
292 |
| ISBN-13: |
978-0-521-18970-5 |
| Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
| LSN: |
0-521-18970-5 |
| Barcode: |
9780521189705 |
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