By J. O. N. Perkins (auth.)
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Additional resources for A General Approach to Macroeconomic Policy
Considerations of comparative advantage are therefore, on this evidence, relevant and applicable in determining appropriate macroeconomic policies in situations where the aim is to raise real output without increasing prices (or, preferably, while reducing them). On this evidence, therefore, it would not be rational to resist the taking of some expansionary measure merely because of a fear that any form of expansion must tend to raise prices: for there are (on the basis of the arguments given in Chapter 2) combinations of two (or more) of these three measures that would, on this evidence, both raise real output and reduce prices, even when (as in the cases which are covered in the OECD simulations) any one of the measures individually would raise prices in the process of raising real output.
60 • *For this measure, there is no upward effect on prices for Canada, so that the figure is undefined, and the policy measure the least inflationary. For each country the figure italicised is the most inflationary. SOURCE: Derived from Richardson, 1987 and 1988 and data supplied by him. Germany and Canada) was monetary policy less inflationary than either of the fiscal measures ifthe exchange rate were held constant. Moreover, of the two fiscal measures, government outlays remained more inflationary than income tax cuts (for a given effect on either real output or employment) even if the exchange rate were held constant provided either that both were bond-financed or both were accommodated by holding interest rates constant.
4 Dealing with Two Macroeconomic Problems The a priori arguments in Chapter 2 and the empirical evidence in Chapter 3 imply that there are various combinations of macroeconomic policy instruments that can be used to work towards the achievement of higher real output or employment, so long as there are spare resources in the economy, without increasing prices, and even while reducing the upward pressure on prices. In the present chapter we shall consider a framework of analysis to deal with the choice of appropriate combinations of policy measures to achieve these aims.
A General Approach to Macroeconomic Policy by J. O. N. Perkins (auth.)