Fristigkeitsaspekte in der Theorie der Stabilisierungspolitik
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Fristigkeitsaspekte in der Theorie der Stabilisierungspolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 17 (1984), Iss. 2 : pp. 180–198
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Klausinger, Hansjörg
Cited By
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Situationskonsistente Erwartungsstruktur und Geldpolitik in der Bundesrepublik
Jander, Sigurd
Menkhoff, Lukas
Palm, Adalbert
Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 2 P.151
https://doi.org/10.3790/ccm.18.2.151 [Citations: 0]
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Abstract
Maturity Aspects in the Theory of Stabilization Policy
The current debate on the theory of stabilization policy is characterized above all by differing viewpoints and the resulting economic policy conceptions of Keynesian and monetaristic approaches, especially those of the New Classical Macroeconomics. The present study interprets these contradictory views as the expression of different maturity perspectives in analysis, using complete adjustment of private behaviour to the environment, which includes economic policy, as the maturity criterion. If it is assumed that even with complete adjustment a “rational explanation” of the existence of frictions (information asymmetries, long-term contracts, etc.) is possible, this indicates potential structural effects of economic policy even over the longrun, in contrast to the so-called “ineffectiveness hypothesis” under rational expectations. Lastly, the problem of the consistency of short and long-term economic policy measures is discussed; in this respect it would seem important to distinguish between demand-side and supply-side shocks. It would therefore seem of paradigmatic significance for a synthesis of the existing approaches in macroeconomics to place emphasis on the co-ordination aspects and structural effects of economic policy.