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Ineffektivität der Wirtschaftspolitik bei „rationalen Erwartungen“?
Ein Kommentar mit anderen Argumenten für eine unzureichend begründete These
Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 2 : pp. 217–229
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Alfred Maußner, Nürnberg
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Abstract
Ineffectiveness of Economic Policy under “Rational Expectations”? A commentary with different arguments for an insufficient founded thesis
In an article recently published in this journal, Bernd-Thomas Ramb rejects as model-specific the thesis that under rational expectations anticipated economic policy measures have no effects (ineffectiveness hypothesis). Ramb’s argumentation sets out, in the final analysis, to show that measures financed by money creation changerelative prices via distribution effects and thus engender production and employment effects. With his arguments, however, Ramb does not rebut the ineffectiveness hypothesis, which relates to demand-side measures in the sense of overall control. In the present essay, Ramb’s assertion is underpinned by a model which takes over the goods supply function used by the proponents of the ineffectiveness hypothesis. Some objections to the equilibrium-theory model approach and the conclusions derivable therefrom provide further support for the view that the ineffectiveness hypothesis is not per se derived from rational expectations, but is a special and simple model in which economic policy is unnecessary and hence ineffective.