JOURNAL ARTICLE
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Die Koordination von Geld- und Fiskalpolitik bei festen Wechselkursen
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 93 (1973), Iss. 4 : pp. 423–443
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Burchardt, Michael
Abstract
The Coordination of Monetary and Fiscal Policies under Fixed Exchange Rates
The article deals with various aspects of monetary-fiscal-policy. It starts with an analysis of those approaches which recommend alternating shifts of emphasis from one set of instruments to the other in accordance with the business cycle. It then discusses the question of whether it is appropriate to gear monetary and fiscal policy towards differing goals of economic policy. In the third section it tries to establish whether shifts from monetary to fiscal instruments are effective in securing the one or other economic goal. Conclusively all approaches seem to be of very limited practical value, all of them being too restrictive in their theoretical framework and some inherently theoretically inadequate.