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Inflation-Adjusting the Public Sector Financial Deficit : Measurement and Implications for Policy

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  • Miller, Marcus

    (Department of Economics, University of Warwick)

Abstract

Current macroeconomic policy differs from conventional Keynesian demand management in two major respects, namely in the announced objectives of policy and in the means chosen to pursue them. Early in its period of office the present Government indicated that it did not endorse the conventional list of objectives (namely low employment, low inflation, positive growth and "external balance") : in committing itself only "to reduce inflation and to create conditions in which sustainable economic growth can be achieved", it implicitly abandoned the level of unemployment and external balance as objectives. In addition, however, the Chancellor announced that "Government intend to restore a broad balance of power in the framework for collective bargaining".

Suggested Citation

  • Miller, Marcus, 1982. "Inflation-Adjusting the Public Sector Financial Deficit : Measurement and Implications for Policy," The Warwick Economics Research Paper Series (TWERPS) 209, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:209
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    1. Meade, James E, 1974. "Labour-Managed Firms in Conditions of Imperfect Competition," Economic Journal, Royal Economic Society, vol. 84(336), pages 817-824, December.
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    Cited by:

    1. Michael J. Boskin, 1987. "Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity," NBER Working Papers 2332, National Bureau of Economic Research, Inc.
    2. Willem H. Buiter, 1982. "The Proper Measurement of Government Budget Deficits: Comprehensive Wealth Accounting or Permanent Income Accounting for the Public Sector," NBER Working Papers 1013, National Bureau of Economic Research, Inc.

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