Remaining Puzzles And Neglected Issues In Macroeconomics
AbstractThis paper analyzes the "chain" of transmission mechanisms of economic policy actions to financial markets, output and employment, and, finally, unemployment--in an attempt to identify "remaining puzzles" and "neglected issues" in macroeconomics. The paper emphasizes the consequences of fiscal and monetary policy actions on real variables, including real interest rates and real exchange rates. An attempt is made to explain why product demand shocks often tend to have faster effects on output and employment than on prices. The paper also discusses why demand-induced increases in output and unemployment are not systematically connected with a reduction in the product wage rate. The paper ends with a discussion of various supply-side considerations in macroeconomics. Copyright 1989 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoPaper provided by Stockholm - International Economic Studies in its series Papers with number 424.
Length: 34 pages
Date of creation: 1988
Date of revision:
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Postal: UNIVERSITY OF STOCKHOLM, INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES, S- 106 91 STOCKHOLM SWEDEN.
Web page: http://www.iies.su.se/
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fiscal policy ; financial market ; employment ; macroeconomics;
Other versions of this item:
- Lindbeck, Assar, 1989. " Remaining Puzzles and Neglected Issues in Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 495-516.
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- Robert L. Hetzel, 1990. "Maintaining price stability: a proposal," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 53-55.
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