El rol de las expectativas para la eficacia de las políticas de demanda
AbstractIn this paper, we revise the diverse processes of agent’s expectations formation and their relationship with the economic policy effectiveness. We center our attention in the aggregate supply, particularly in the well-known relationship as Phillips curve, but we also address to the aggregate demand, due to its rule that carries out in the product and prices determination in the Keynesian system. In the first two sections we examine the explicit or implicit types of expectations incorporated in the Keynesian traditional analysis and their consequences for the economic policy;then we examine the monetarist perspective concerning the process of expectations formation and its relevance not only for the critics to the Keynesian system, but also for the demand administration policy effectiveness. Finally, we refer to the rational expectations hypothesis and its implications regarding the economic policy relevancy in the short term.
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Bibliographic InfoArticle provided by Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales in its journal Revista Nicolaita de Estudios Económicos.
Volume (Year): V (2010)
Issue (Month): 1 ()
inflation expectations; unemployment; economic policy;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
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