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Macroeconomic Policy: Some International Lessons for Australia

Author

Listed:
  • Corden, W. Max

    (Johns Hopkins University)

Abstract

This paper reviews recent macroeconomic experience outside Australia, especially in the United States, the United Kingdom and continental Europe, and compares it with Australian experience. It discusses booms and recessions, inflation (especially the "credibility" issue), unemployment (cyclical and structural), and exchange rate policy. It also discusses implications for monetarism and rational expectations theories. Two conclusions are that the big remaining problem in Europe and in Australia is structural unemployment, and that Australia was wise to float the dollar and abandon the crisis-prone "fixed-but-adjustable" exchange rate regime.

Suggested Citation

  • Corden, W. Max, 1995. "Macroeconomic Policy: Some International Lessons for Australia," Economic Analysis and Policy, Elsevier, vol. 25(1), pages 3-15.
    • Handle: RePEc:eee:ecanpo:v:25:y:1995:i:1:p:3-15
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    More about this item

    Keywords

    Boom; Inflation; Macroeconomic Policy; Macroeconomics; Policy; Recession; Structural Unemployment; Unemployment;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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