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Role Of Fiscal And Monetary Policy

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  • LokSang 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. Copyright 2006 Blackwell Publishing Ltd

Suggested Citation

  • LokSang 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
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    Cited by:

    1. George A. Waters, 2015. "Careful Price Level Targeting," International Symposia in Economic Theory and Econometrics,in: Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons, volume 24, pages 29-40 Emerald Publishing Ltd.
    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. 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.
    4. 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.
    5. 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.
    6. Tomáš Holinka, 2010. "Proces učení a transparentnost centrální banky
      [Learning Process and Transparency of Central Bank]
      ," Politická ekonomie, University of Economics, Prague, vol. 2010(4), pages 458-470.

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