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008			200208s9999 xx 000 0 und d
020			_a814778240
082			_a339.5 STE
100			_aStein, Jerome L.
245		0	_aMonetarist, Keynesian, and new classical economics
260			_aNew York
260			_bUniversity Press
260			_c1982
300			_a228 p.
520			_aThe past decade has witnessed a breakdown in the consensus in Western, macro economic theory. Where once Keynes reigned supreme, three competing schools of economic thought now co-exist, each offering very different explanations for inflation, unemployment and the decline in growth. Even the techniques and vocabulary they use differ so much that communication between the poles has almost ceased. In his controversial and penetrating new analysis, Professor Stein examines the disagreements between the Monetarists, Keynesians and New Classical economists. Each group has distinct views about the impact of anti-inflationary monetary policy on employment and GNP. While Keynesians and Monetarists differ on the timing and magnitude of the effects, New Classical economists claim that anticipated monetary and fiscal stabilization policies are simply ineffectual. They have developed a powerful theory of 'rational expectations' to account for this impotence. The author uses the same general macrodynamic model to derive a set of statistical hypotheses for each school. He then tests these hypotheses empirically. The results and conclusions are startling and sure to stimulate further debate.
650			_aMacroeconomics
942			_cDB _2ddc