Fiscal and Monetary Policy Reconsidered: Reply.
The article author replies to comments made by several economists on his views on fiscal and monetary policy. Economists Bent Hansen and John Hotson offer little or no objection to the author's critique of monetary policy. As to recent and conventional fiscal policy, they also apparently share the a...
| Publicado en: | American Economic Review Vol. 61; no. 3; pp. 458 - 462 |
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| Formato: | Artículo |
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American Economic Association
Jun71 Part 1 of 2
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4501202&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4501202 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Jun71 Part 1 of 2 vid: 61 iid: 3 pid: 22 pub: American Economic Association artinfo: ui: 4501202 ppf: 458 ppct: 4 formats: tig: atl: Fiscal and Monetary Policy Reconsidered: Reply. aug: au: Eisner, Robert affil: Steppenwolf Theatre, Artistic Director su: Fiscal policy Monetary policy Price inflation Surtax Hansen, Bent Hotson, John Carlson, Keith Henneberry, Barbara Witte, James United States sug: subj: United States Fiscal policy Monetary policy Price inflation Surtax Hansen, Bent Hotson, John Carlson, Keith Henneberry, Barbara Witte, James ab: The article author replies to comments made by several economists on his views on fiscal and monetary policy. Economists Bent Hansen and John Hotson offer little or no objection to the author's critique of monetary policy. As to recent and conventional fiscal policy, they also apparently share the author's reservations but have some strictures of their own to add. Economists Keith Carlson, James Witte and Barbara Henneberry seem content with the rebuke to fiscalists but seek to raise very considerable objection to corresponding questioning of monetary policy. The author has little problems with Hansen's arguments. Witte and Henneberry are correct in arguing that a demonstration that holding the quantity of money constant may not be sufficient to prevent price inflation "does not imply that some reduction of the money supply could not serve to offset an interest-induced rise in velocity." It does not logically follow, however, that "as long as real commodity demand is a decreasing function of the rate of interest, there is some reduction in the quantity of money which would close the inflationary gap." This, after all, depends upon how rapidly a decreasing function one has and just how large an inflationary gap must be closed. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1971 holdings: @attributes: islocal: N |
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