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Role Of Fiscal And Monetary Policy

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  • Lok Sang Ho

Abstract

. This paper applies the GS‐PD framework of Ho (1988) to show that the so‐called ‘battle of ideas’ between ‘Keynesians’, who believe in intervention, and the champions of the market, who believe in non‐intervention, as popularly depicted, diverts attention from the crux of the matter. It shows how monetary and fiscal policies have to be coordinated in specific situations and why some macroeconomic problems may require responses beyond the purview of monetary and fiscal policies.

Suggested Citation

  • Lok Sang Ho, 2006. "Role Of Fiscal And Monetary Policy," Pacific Economic Review, Wiley Blackwell, vol. 11(1), pages 121-127, February.
    • Handle: RePEc:bla:pacecr:v:11:y:2006:i:1:p:121-127
    DOI: 10.1111/j.1468-0106.2006.00303.x
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    Citations

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    Cited by:

    1. George W. Evans & Seppo Honkapohja, 2009. "Expectations, Learning and Monetary Policy: An Overview of Recent Research," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 2, pages 027-076, Central Bank of Chile.
    2. Bask, Mikael, 2007. "Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule," Research Discussion Papers 19/2007, Bank of Finland.
    3. Marta B. M. Areosa & Waldyr D. Areosa & Pierre Monnin, 2016. "How Would Monetary Policy Look Like if John Rawls Had Been Hired as a Chairman of the Fed?," Working Papers Series 447, Central Bank of Brazil, Research Department.
    4. repec:zbw:bofrdp:2007_031 is not listed on IDEAS
    5. George W. Evans & Seppo Honkapohja, 2009. "Robust Learning Stability with Operational Monetary Policy Rules," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 5, pages 145-170, Central Bank of Chile.
    6. repec:zbw:bofrdp:2012_030 is not listed on IDEAS
    7. Tomáš Holinka, 2010. "Proces učení a transparentnost centrální banky [Learning Process and Transparency of Central Bank]," Politická ekonomie, Prague University of Economics and Business, vol. 2010(4), pages 458-470.
    8. repec:zbw:bofrdp:2007_032 is not listed on IDEAS
    9. repec:zbw:bofrdp:2007_019 is not listed on IDEAS
    10. George A. Waters, 2015. "Careful Price Level Targeting," International Symposia in Economic Theory and Econometrics, in: William A. Barnett & Fredj Jawadi (ed.), Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons, volume 24, pages 29-40, Emerald Publishing Ltd.

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