Fiscal Policy In Classical And Keynesian Open Economies
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Fiscal Policy in Classical and Keynesian Open Economies
Author: Klaus Schmidt-Hebbel
language: en
Publisher: World Bank Publications
Release Date: 1994
In this model of classical and Keynesian open economies, both permanent and transitory disturbances cause changes in long- run output and capacity - and transitory and permanent shocks may have opposite effects on the current account. In the Keynesian economy, money- financed fiscal expansion causes real exchange rate depreciation; and non-money- financed fiscal expansion, appreciation.
The General Theory of Employment, Interest and Money
Author: John Maynard Keynes
language: en
Publisher: Atlantic Publishers & Dist
Release Date: 2016-04
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Finance & Development, September 2014
Author: International Monetary Fund. External Relations Dept.
language: en
Publisher: International Monetary Fund
Release Date: 2014-08-25
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.