IDEAS home Printed from https://ideas.repec.org/h/spr/conchp/978-3-319-17578-2_7.html
   My bibliography  Save this book chapter

Looking Back

In: The Theory of New Classical Macroeconomics

Author

Listed:
  • Peter Galbács

    (Budapest Business School)

Abstract

In the closing chapter major arguments and conclusions are stressed. First, monetary policy is considered. It is highlighted that monetary policy in new classical macroeconomics is not an efficient countercyclical instrument, though it can contribute to such efforts of fiscal policy. Then, lessons from fiscal policy are summarized, according to which there are circumstances under which fiscal policy can be applied as an efficient countercyclical device. Both monetary and fiscal policy are mentioned in a context that new classicals, as it was argued in the preceding chapters, were interested not only in arguing for the complete inefficiency of economic policy in the context of countercyclical control, but also in defining the precise conditions necessary for this inefficiency. If these crucial conditions do not hold, economic policy may be effective again. Thanks to new classical macroeconomics, theoretical knowledge on the scope of economic policy control is highly improved. Finally, some further remarks are made as regards economics as pure science, citing the distinction between theoretical models as surrogate and substitute systems.

Suggested Citation

  • Peter Galbács, 2015. "Looking Back," Contributions to Economics, in: The Theory of New Classical Macroeconomics, edition 127, chapter 0, pages 349-368, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-17578-2_7
    DOI: 10.1007/978-3-319-17578-2_7
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:conchp:978-3-319-17578-2_7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.