Is anything left of the ‘Keynesian revolution’?
Autor
Congdon, Tim
Institución
Resumen
The conduct of British fiscal policy has changed during the post-war
period, reflecting both the pressure of events and the evolution of thinking
about macroeconomic policy. This essay reviews the changes in policy
approach and relates them to the ultimate objectives of macroeconomic
policy. Two objectives are usually emphasized, high (or full) employment
and price stability, although equilibrium in external payments and economic growth are sometimes also mentioned.