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Full Description
The results of macroeconomic policy are often unpredictable. One of the major reasons for this is the importance of confidence and expectations in economic affairs. Confidence, Credibility and Macroeconomic Policy explores this interaction between confidence and expectations, and the credibility of the government's financial policies. The volume is divided into three parts. * An overview of the inter-relationship between fiscal policy, credibility and inflation * Empirical research on the importance of public confidence and expectations to the success of fiscal and monetary policy. * The definition and functions of consumer confidence as it is measured today. Confidence, Credibility and Macroeconomic Policy will be an invaluable guide for all those interested in macroeconomic policy.
Contents
Part I Credibility in practice and in experimental Testing 1 Fiscal policy, credibility and inflation: The critical role of confidence factors 2 Bond-financed deficits, taxation and expectations: An experimental test of the Ricardian equivalence theorem 3 Monetary credibility and national output: An experimental verification of the Lucas 'islands' explanation of business cycles Part II Confidence and credibility factors in historical Perspective 4 Public confidence and public finance during the American Civil War: Lessons from North and South 5 Deficit finance, expectations and real money balances: The operation of the inflation tax in Germany after the First World War 6 Does exchange rate pegging foster monetary credibility? Part III Consumer confidence and macroeconomic stabilisation in the 1990s 7 Consumer confidence in today's macroeconomy: Definition, measurement and potential importance 8 Consumer confidence and the optimal timing of effective monetary stabilisation 9 Consumer confidence and domestic fiscal stabilisation (with Giles Mellon)
