POLITYKA PIENIĘŻNA I FISKALNA W TEORIACH MAKROEKONOMICZNYCH
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Date
2003
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Wydział Prawa i Administracji UAM
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MONETARY AND FISCAL POLICY IN THEORIES OF MAINSTREAM ECONOMICS
Abstract
One of the most important fields of macroeconomic research is economic policy. Economic
theory offers policymakers advice, suggestions, and frameworks for projecting and realizing
economic policy. Economists, however, disagree substantially over many questions concerning
this issue. The opinions vary as to the effectiveness of monetary and fiscal policy and their
role in economic stability.
The aim of this paper is to present different views on monetary and fiscal policy in different
schools of economic thought. Only the mainstream schools were considered, such as
Keynesians, Monetarists, New Classical School, economists of the Real Business Cycle and
New Keynesians. It is worth noticing that in spite of some differences there are also many similarities
between them.
We believe that a consensus in the field of economic policy has emerged. It encompasses
monetary neutrality in the long run, monetary nature of inflation, increased monetary policy
in the recent years and doubts about fiscal policy effectiveness as a tool of stabilisation. Moreover,
it seems probable that macroeconomics is moving toward a New Neoclassical Synthesis,
which melds New Keynesians and the Real Business Cycle theories.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 65, 2003, z. 1, s. 71-90
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ISBN
ISSN
0035-9629