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- W2162678245 abstract "Policy makers are perpetually reinventing the wheel. Before the First World War, monetary policy was the sole tool used for macroeconomic stabilisation. The ‘Keynesian’ revolution heralded a major change, so that in the first twenty five years after World War II, fiscal policy became the primary tool for economic stimulation. After the experience of stagflation in the 1970s, fashion changed, and monetary policy came into its own. Its perceived importance for policy continually increased until, during the 1990s, it had totally replaced fiscal policy in the minds of policy makers and business interests.1 There has been a major swing in the views of economists interested in and knowledgeable about macroeconomic policy. The majority of such economists now look to monetary policy to cure recessions, whereas fifty years ago the majority thought monetary policy was of little use by itself, though it had a supporting role to play to fiscal policy. Has the world changed, or were most economists mistaken either fifty years ago or now?" @default.
- W2162678245 created "2016-06-24" @default.
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- W2162678245 date "2016-01-01" @default.
- W2162678245 modified "2023-09-24" @default.
- W2162678245 title "Tools of Choice for Fighting Recessions" @default.
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- W2162678245 doi "https://doi.org/10.1057/9781137475350_2" @default.
- W2162678245 hasPublicationYear "2016" @default.
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