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Is Macroeconomic Dead? Monetary and Fiscal Policy in Historical Context

Garnaut, Ross


There was no macroeconomic policy in the classical system of economic thought. Monetary policy was determined without discretion within the Gold Standard, and budget outcomes were guided by a 'balanced budget rule'. Intellectual and policy support for the classical rules evaporated when large shocks upset the classical adjustment mechanisms and led to high and persistent unemployment. For a number of decades after Keynes's general theory, discretionary adjustment of fiscal and monetary policy...[Show more]

CollectionsANU Research Publications
Date published: 2005
Type: Journal article
Source: Oxford Review of Economic Policy
DOI: 10.1093/oxrep/gri030


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