By J. O. N. Perkins (auth.)
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Additional info for A General Approach to Macroeconomic Policy
1 It is true that if the government knew exactly what combination of changes in the instruments would most quickly and efficiently move the economy towards the desired macroeconomic situation, it should set the instruments at the appropriate levels. As no government has such an exact knowledge of the relevant figures, however, policy makers are normally accustomed to think of themselves as 'assigning' an instrument to an objective: that is, to changing the setting of it primarily with an eye to its effect on a particular objective.
See Wallis et al, 1987 and Fisher et al, 1988 (the results of the latter being used here). See Dramais, 1986. See Perkins and Tran Van Hoa, 1987 and Appendix to Perkins, 1985. 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.
But for Japan and the US the upward effect on prices of a rise in government outlays (for a given effect on real output) is greater than in the simple model for those individual countries. Simulations for income tax cuts are not available for the interlinked model, and the results from a simulation with that model of a cut in short-term interest rates are not available on an exactly comparable basis to that for changes in government outlays. It is not, therefore, possible to say whether the relative ranking of the three instruments would be different if the results of an interlinked simulation were available for all of the three measures.
A General Approach to Macroeconomic Policy by J. O. N. Perkins (auth.)