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Economic Policy Consequences

In: The Theory of New Classical Macroeconomics

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  • Peter Galbács

    (Budapest Business School)

Abstract

Issues that can be analyzed on the ground of the theories studied in the preceding chapters, but are outside the conventional field of new classical macroeconomics are examined in this chapter. Some questions raised by supply-side economics originated in new classical macroeconomics are also reviewed. We enter into the details of those credibility issues of economic policy we have learned from new classicals. Following the lines started in Chap. 5 with regard to the Ricardian equivalence, this framework is used to learn more about the issues of harmonizing monetary and fiscal policies. Later, inflation targeting is taken out again to portray and analyze its (transmission) mechanisms by using the insights from the previous chapters. Considerable attention is paid to symbolic economic policies that aim at exerting the effects broken away from the usual, common and instrumental actions. It is argued here that economic policy sometimes may be forced to operate through signals instead of using the conventional instruments.

Suggested Citation

  • Peter Galbács, 2015. "Economic Policy Consequences," Contributions to Economics, in: The Theory of New Classical Macroeconomics, edition 127, chapter 0, pages 283-347, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-17578-2_6
    DOI: 10.1007/978-3-319-17578-2_6
    as

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