English, Article edition: RE-EXAMINING THE EFFECTIVENESS OF STABILISATION POLICY ANTHONY J. MAKIN

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Physical Description
  • article
Language
  • English

Edition details

Title
  • RE-EXAMINING THE EFFECTIVENESS OF STABILISATION POLICY
Author
  • ANTHONY J. MAKIN
Physical Description
  • article
Notes
  • This paper develops an alternative international macroeconomic model for evaluating the effectiveness of fiscal and monetary policy in stabilising national income under fixed and floating exchange rates. It encompasses national output and income, saving, investment, money and capital flows and linkages between the exchange rate, price levels and real interest rates consistent with international parity conditions. It demonstrates that the nature of government spending is pivotal to the effectiveness of fiscal policy, revealing that, ceteris paribus, higher public consumption expenditure contracts national income and depreciates the exchange rate, whereas higher productive public investment spending has opposite effects. The framework also shows that the effectiveness of fiscal and monetary policy as macroeconomic policy instruments is not ultimately dependent on the exchange rate regime. Copyright 2007 The AuthorJournal compilation 2007 Blackwell Publishing Ltd/​ University of Adelaide and Flinders University .
  • RePEc:bla:ausecp:v:46:y:2007:i:4:p:348-359
Language
  • English
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