Remaining Puzzles And Neglected Issues In Macroeconomics
This 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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