By J. O. N. Perkins (auth.)
ISBN-10: 0230373283
ISBN-13: 9780230373280
ISBN-10: 1349397377
ISBN-13: 9781349397372
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Sample text
But its deficiency is that it implicitly assumes that inflation is unaffected by the combination of measures used to approximate the target rate of growth of nominal GDP. In fact, however, the choice of measures (the setting of monetary policy, of different government outlays, and of different forms of taxation) can have considerable effect upon the 'split' between real growth and inflation of any given nominal growth of GDP. This approach is therefore not an alternative to trying to choose the best combination of all the available instruments for achieving the best possible approximation to all the macroeconomic objectives.
In fact, however, the choice of measures (the setting of monetary policy, of different government outlays, and of different forms of taxation) can have considerable effect upon the 'split' between real growth and inflation of any given nominal growth of GDP. This approach is therefore not an alternative to trying to choose the best combination of all the available instruments for achieving the best possible approximation to all the macroeconomic objectives. 3 Effects on Real Output It would facilitate the setting of macroeconomic policy if one could generalise about the relative effects of each of the broad macroeconomic instruments on each macroeconomic objective.
4 assumed a fixed money supply (that is, monetary policy was not accommodating). 4 are expressed in levels of real GDP, whereas most of those in earlier tables are for rates of change in real GDP. 2 may also be due to the fact that results for individual countries may not necessarily be similar to those for a larger grouping such as the OECD as a whole; for more of the effect of a fiscal measure taken in one country may leak away than would be true for a larger grouping. Perhaps in an individual country more of the effects of cuts in income tax are likely to leak away through imports from other countries than are the effects of changes in government non-wage expenditures.
Budget Deficits and Macroeconomic Policy by J. O. N. Perkins (auth.)
by Richard
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