Cite JOURNAL ARTICLE
Stabilisierungspolitik in kleinen offenen Volkswirtschaften am Beispiel der Schweiz empirisch illustriert
Schelbert, H. | Chassot, M. | Granziol, M.
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 101 (1981), Iss. 4 : pp. 379–416
In this paper some important problems of stabilization policy in small open economies are discussed. The paper starts with a survey on recent developments in macroeconomic theory in the following two fields: 1. economic policy and rational expectations, and 2. the dependence of small open economies on foreign economic policies. The implications for economic policy are then worked out. As some examples based on Swiss data make clear, empirical research in macroeconomics provides useful additional information for stabilization policy beyond theoretical analyses. However, empirical research in economics does not always allow to discriminate between different theoretical models. Under such circumstances, though LPI Theory (Linear Partial Information Theory) might provide a basis for a rational stabilization policy.