Economic Policy

by Paul F. Whiteley

Overview

Economic Policy presents an authoritative selection of articles which have played a key role in influencing the direction of economic theory and methodology and thus the policy presecriptions which macroeconomists give to decision-makers. Volume I contains the most influential articles which have shaped the main debates in macroeconomic theory since its foundation. It covers such topics as the debate between Keynes and the Keynesians, the dispute between Keynes and the monetarists, the rational expectation revolution and critiques of that approach, and the debate between New Classical theorists and 'new' Keynesian theorists. Also included are papers which have defined alternative methodological approaches to modelling the macroeconomy.

Volume II investigates some important applications of economic policy analysis. It examines some of the key economic problems on the political agenda such as the record of monetarism, the problems of trade and structural unemployment, European monetary integration and the reform of post-Communist societies and assesses the extent to which economic research throws light on these problems.

Product Details

ISBN-13:	9781858981154
Publisher:	Edward Elgar Publishing
Publication date:	03/14/1998
Series:	The International Library of Comparative Public Policy series , #6
Pages:	1048
Product dimensions:	7.30(w) x 11.00(h) x 4.10(d)

About the Author

Edited by Paul F. Whiteley, Department of Government, University of Essex, UK

Table of Contents

5.11.96
THE INTERNATIONAL LIBRARY OF COMPARATIVE PUBLIC POLICY

Economic Policy – Paul Whiteley


Volume I: Theoretical Debates

Introduction
Part I: Keynesianism and Monetarism
1. J.M. Keynes (1937), ‘The General Theory of Employment’
2. J.R. Hicks (1937), ‘Mr Keynes and the “Classics”: A Suggested Interpretation’
3. A.W. Phillips (1958), ‘The Relation Between Unemployment and the Rate of Change in Money Wage Rates in the United Kingdom 1861-1957’
4. M. Friedman (1968), ‘The Role of Monetary Policy’
5. F. Modigliani (1977), ‘The Monetarist Controversy or, Should We Forsake Stabilization Policies?’

6. C.D. Romer and D.H. Romer (1989), ‘Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz’
7. R.J. Gordon (1990), ‘What is New-Keynesian Economics?’
8. L. Ball, N. G. Mankiw and D. Romer (1988), ‘The New Keynesian Economics and the Output-Inflation Trade-off’ [82]

Part II: Rational Expectations and New Classical Theory
9. R.E. Lucas, Jr. (1976), ‘Economic Policy Evaluation: A Critique’[28]
10. T.J. Sargent and N. Wallace (1976), ‘Rational Expectations and the Theory of Economic Policy’
11. F. E. Kydland and E.C. Prescott (1977), ‘Rules Rather than Discretion: The Inconsistency of Optimal Plans’ [19]
12. R.J. Shiller (1981), ‘Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends’ [15]
13. W.H. Buiter (1980), ‘The Macroecnomics of Dr Pangloss: A Critical Survey of the New Classical Macroeconomics’
14. M.C. Lovell (1986), ‘Tests of the Rational Expectations Hypothesis’

Part III: Methodological Debates
15. R. Frisch (1936), ‘Note on the Term "Econometrics’
16. M. Nerlove (1966), ‘A Tabular Survey of Macro-Econometric Models’
17. C.A. Sims (1980), ‘Macroeconomics and Reality’
18. D.F. Hendry (1980), ‘Econometrics – Alchemy or Science?’
19. D.F. Hendry and J.-F. Richard (1982), ‘On the Formulation of Empirical Models in Dynamic Econometrics’
20. E.E. Leamer (1983), ‘Let‘s Take the Con Out of Econometrics’
21. R. Eisner (1989), ‘Divergences of Measurement and Theory and Some Implications for Economic Policy’
22. D.F. Hendry and N.R. Ericsson (1991), ‘An Econometric Analysis of U.K. Money Dmand in Monetary Trends in the United States and the United Kingdom by Milton Friedman and Anna J. Schwartz’
Volume I: 586 pp

Volume II: Applications
Part I: Thatcherism and the Economy
1. C. Bean and J. Symons (1989), ‘Ten Years of Mrs T.’
Part II: The Political Business Cycle
2. A. Alesina (1989), ‘Politics and Business Cycles in Industrial Democracies’
Part III: European Monetary Union
3. B. Eichengreen (1993), ‘European Monetary Unification’
Part IV: Trade and Employment
4. J.D. Sachs and H.J. Shatz (1994), ‘Trade and Jobs in U.S. Manufacturing’
Part V: European Unemployment
5. C.R. Bean (1994), ‘European Unemployment: A Survey’
Part VI: Extreme Inflation
6. R. Dornbusch, F. Sturzenegger and H. Wolf (1990), ‘Extreme Inflation: Dynamics and Stabilization’
Part VII: The Economic Reform of Communism
7. S. Fischer (1992), ‘Stabilization and Economic Reform in Russia’
Volume II: 389 pp

Editorial Reviews

Twenty-nine articles discuss key theories, debates and applications, while assessing whether economic theory and economic methodology help decision-makers to improve the performance of the economy in a modern industrial society. Originally published between 1936 and 1994, the articles describe the basic Keynesian model, orthodox Keynesianism, and the monetarist case; rational expectations and new classical theory; changes in econometric methodology; and applications of economic policy analysis, including Thatcherism and the economy, the political business cycle, European monetary union, trade and employment, European unemployment, extreme inflation, and the economic reform of communism. No index. Annotation c. by Book News, Inc., Portland, Or.

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