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01-09 "Macroeconomic Policy and Sustainability"

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Jonathan M. Harris

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Abstract

The trend in mainstream economic thought about macroeconomic policy has been towards minimalism. In the optimistic Keynesian phase of the 1960's, it was assumed that both fiscal and monetary policy were effective tools for macroeconomic management. But the influence of monetarist and New Classical critiques has led to a gradual erosion of theoretical support for activist government policy. First fiscal policy fell by the wayside, perceived as too slow and possibly counterproductive in its impacts. Then New Classical and rational expectations critiques suggested that even monetary policy was ineffective. Thus the role of government policy has been reduced to a cautious effort not to make things worse B in effect a return to an economics of laissez-faire.

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Paper provided by GDAE, Tufts University in its series GDAE Working Papers with number 01-09.

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Handle: RePEc:dae:daepap:01-09

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  1. Stiglitz, Joseph E, 1999. "Responding to Economic Crises: Policy Alternatives for Equitable Recovery and Development," Manchester School, University of Manchester, vol. 67(5), pages 409-27, Special I. [Downloadable!] (restricted)
  2. Anthony Heyes, 2000. "A Proposal for the Greening of Textbook Macro: 'IS-LM-EE'," Royal Holloway, University of London: Discussion Papers in Economics 99/7, Department of Economics, Royal Holloway University of London, revised Feb 2000. [Downloadable!]
  3. Krugman, Paul, 2000. "Thinking About the Liquidity Trap," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 221-237, December. [Downloadable!] (restricted)
  4. Streeten, Paul, 1991. "Global prospects in an interdependent world," World Development, Elsevier, vol. 19(1), pages 123-133, January. [Downloadable!] (restricted)
  5. J. Stiglitz, . "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki".
  6. M. Harris, Jonathan, 1991. "Global institutions and ecological crisis," World Development, Elsevier, vol. 19(1), pages 111-122, January. [Downloadable!] (restricted)
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  7. Joseph E. Stiglitz, 1999. "Reforming the Global Economic Architecture: Lessons from Recent Crises," Journal of Finance, American Finance Association, vol. 54(4), pages 1508-1522, 08. [Downloadable!] (restricted)
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This page was last updated on 2009-11-1.

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