Stabilisation Policy in a Closed Economy

Phillips, A. W.

doi:10.2307/2226835

Cited by 541 publications

(136 citation statements)

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“…They speak to the broader puzzle of 'who gets what, when and how' in social life (Lasswell, 1936). The specific issue of proportionality in public policy-making was, however, first addressed by Phillips (1954), who elaborated on how governments should react to move effective demand for labour toward the desired employment level (typically full employment). Proportionality has also been a central topic in studies of policy evaluation (Sanderson, 2000).…”

Section: The Causes Of Disproportionate Policy Responsesmentioning

confidence: 99%

Proportionate and disproportionate policy responses to climate change: core concepts and empirical applications

Maor

Tosun

Jordan

2017

Journal of Environmental Policy & Planning

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A fresh perspective on policy-making and planning has emerged which views disproportionate policy as an intentional policy response. A disproportionate policy response is understood to be a lack of 'fit' or balance between the costs of a public policy and the benefits that are derived from this policy, and between policy ends and means. This paper applies this new perspective on the proportionality of policy-making to the area of climate change. The first part of the paper discusses the underlying causes of disproportionate policy responses in broad terms and then applies the theoretical reasoning to understand the conditions in which they are likely to appear in relation to climate change. These conditions are hypothesized to relate to four main factors: economic considerations; levels of public demand; focusing events; and strategic considerations. It concludes with the suggestion that societal actors may be able to manipulate these four factors to encourage politicians to adopt policies that mitigate climate change more rapidly than is currently the case in most countries. ARTICLE HISTORY

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Section: The Causes Of Disproportionate Policy Responsesmentioning

confidence: 99%

Proportionate and disproportionate policy responses to climate change: core concepts and empirical applications

Maor

Tosun

Jordan

2017

Journal of Environmental Policy & Planning

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“…An error-correction model for two variables relates the changes in the variables to lagged changes and a lagged linear combination of levels2. This type of model was introduced by Phillips [1954) and Sargan [19641 and has been promoted by David Hendry end others in a series of papers (Davidson, Hendry, Srbs and Yeo [1978], Hendry and von IJngernSternberg [1981], Davidson and Hendry [1961], Hendry and Richard [1983), Hendry [1983Hendry [ ,1986). Engle and Granger [1987], following the work of 1 More generally, a set of variables is cointegrated of order (d,b) if each variable individually is integrated of order d, but at least one linear combination exists which is of order (d-b).…”

Section: Introductionmentioning

confidence: 99%

Interpreting cointegrated models

Campbell

Shiller

1988

Journal of Economic Dynamics and Control

198

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Error-correction models for cointegrated economic variables are commonly interpreted as reflecting partial adjustment of one variable to another. We show that error-correction models may also arise because one variable forecasts another. Reduced-form estimates of error-correction models cannot be used to distinguish these interpretations. In an application, we show that the estimated coefficients in the Marsh-Merton

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“…Tato práce navázala na výsledky dřívějších studií v této oblasti, jejich autoři jsou např. Timbergem (1930), Goodwin (1951), Phillips (1954), Allen (1956) a Gabisch a Lorenz (1989). První rovnice je rovnicí pro dynamiku peněžního trhu, kde nerovnováha mezi peněžní nabídkou a poptávkou působí na vývoj cen.…”

Section: Obecná Formulace Modeluunclassified

An Inflation Analysis Using an Endogenous Business Cycle Model

Kodera¹,

Tran²

2016

Politicka ekonomie

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An Inflation Analysis Using an Endogenous Business Cycle ModelIn this article we analyze the continuous inflation dynamics using a four-equation model. When constructing the model, the traditional Kaldorian two-equation model is extended by adding two other equations. One of them describes an adaptive inflation expectations and the other continuous dynamics of the money market. In this setting, the instability velocity of money circulation is assumed due to the effects of expected inflation on money circulation velocity. Then the parameters of the model are estimated using the real Czech economic data. As it is a non-linear model in its parameters, a non-linear estimation technique is used for this purpose. Further, the stationarity as well as the stability of the estimated model is thoroughly examined as its instability may indicate that the model can generate some complex dynamics. ÚvodStávající hlavní proud ekonomické vědy je zastoupený především modely dynamické stochastické celkové rovnováhy -tzv. modely DSGE vycházející ze zásadní práce o reálném hospodářském cyklu od Kydlanda a Prescotta (1982), která je postavena na mikroekonomickém základě. Pojetí celkové rovnováhy je mikroekonomickou konstrukcí, kdy spotře-bitel maximalizuje užitkovou funkci při daném rozpočtovém omezení a výrobce maximalizuje zisk při technologickém omezení, které je dáno produkční funkcí. Struktura modelu je uzavřena rovnicemi tržní rovnováhy. Ceny a mzdy v modelech DSGE jsou pružné, tj. okamžitě vyrovnávají komoditní a pracovní trh, nebo nepružné tj. jsou pomalu adaptovány různými mechanismy adaptace (např. Calvův adaptační mechanismus). Modely s nepružným cenovým a mzdovým mechanismem jsou obvykle nazývány modely nové keynesovské ekonomie. Tvary užitkových a produkčních funkcí jsou v modelech DSGE *1 Jan Kodera, Quang Van Tran (jan.kodera@vse.cz; tran@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví. Tento článek byl zpracován v rámci institucionální podpory výzkumu na Fakultě financí a účetnictví VŠE v Praze č. IP 100040.

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Stabilisation Policy in a Closed Economy

Cited by 541 publications

References 0 publications

Proportionate and disproportionate policy responses to climate change: core concepts and empirical applications

Proportionate and disproportionate policy responses to climate change: core concepts and empirical applications

Interpreting cointegrated models

An Inflation Analysis Using an Endogenous Business Cycle Model

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