By Christine Sauer

by Jerome L. Stein Disenchantment with Keynesian econollics constructed in the course of the post-1968 interval while the speed of progress of output declined, the speed of unemployment rose, and the speed of inflation elevated within the U.S. and in different nations. This paradox, referred to as stagflation, used to be inconsistent with the guideline of Keynesian economics that cyclical movemants in costs and output relative to their respective developments are absolutely correlated. A seek happened for a extra passable idea of macroeconomics that could clarify the ambiguity of stagflation and the saw fiscal phenomena. the recent Classical Economics (NCE) built because the overall rejection of Keynesian economics. The Keynesians claimed that their call for administration guidelines contributed to the obsolescence of the company cycle and effectively eradicated the space among complete employment (potential) output and actusl output. The NCE argued simply the other: the unemplo~nt price or progress cost of actual output is insensitive to systematic call for administration guidelines [Lucas; Sargent and Wallace].

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Additional resources for Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960–1985

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Keynesian model must be rejected. ~ith This implies that the seasonally adjusted data, however, the Keynesian model cannot be rejected in most cases. Parkin conjectures that seasonal adjustment procedures cause spurious causality between the money stock and output, so that the use of seasonally adjusted data biases results toward rejecting the Classical model. The main conclusion is that the Japanese data reject the Keynesian explanation of the business cycle whereas the Classical model is consistent with the data.

The evidence for the extended sample period seems to reverse these results. This conclusion is based on an insufficient number of observations. 3. MONETARIST, KEYNESIAN, AND RATIONAL EXPECTATIONS MODELS Trapp (1976) investigates the role of money in the German economy between 1951 and 1973. Keynesian models of the standard IS-LM type are quickly renounced because the estimated interest rate elasticities of money demand and investment prove unsatisfactory. Trapp consequently conducts a detailed analysis of the relationship between money, prices, and real and nominal GNP within a monetarist framework.

22 (1. 38 (1. 48 (1. 86) 1. 13) 1. 20 (1. 62) Note: Balance of payments data are expressed in billions of current OM. The trade-weighted exchange rate index (end of 1972-100) measures the performance of the OM against the currencies of 14 industrialized countries. An increase in the index indicates a OM-appreciation. The rate of depreciation is the percentage change in the nominal DM/$ exchange rate. A negative rate indicates a OM-appreciation against the U. S. Dollar. S. rates. Inflation rates are computed from implicit GNP-deflators, and the interest rates are long-term rates.

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Alternative Theories of Output, Unemployment, and Inflation by Christine Sauer
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