Crowding-out und die Frage nach der neutralen Geldpolitik
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Crowding-out und die Frage nach der neutralen Geldpolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 4 : pp. 451–464
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Lachmann, Werner
Cited By
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Fiskalpolitik bei aktiver und passiver Zentralbankpolitik
Rose, Manfred
Credit and Capital Markets – Kredit und Kapital, Vol. 15 (1982), Iss. 1 P.90
https://doi.org/10.3790/ccm.15.1.90 [Citations: 0]
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Abstract
Crowding-out and the Question of Neutral Monetary Policy
In the crowding-out controversy undue emphasis has been put on the constancy of the money supply (however defined) as an absence of monetary actions. However, to judge fiscal actions, it is necessary to define a ‘neutral’ monetary policy; otherwise the outcome (and hence the multipliers) will be the result of two opposing policies. Different concepts of neutrality are offered and the likelihood of crowding-out examined.