Policy ineffectiveness proposition essay

The New Keynesian economists Stanley Fischer (1977) and Edmund Phelps and John B. Taylor (1977) assumed that workers sign nominal wage contracts that last for more than one period, making wages "sticky". With this assumption the model shows government policy is fully effective since, although workers rationally expect the outcome of a change in policy, they are unable to respond to it as they are locked into expectations formed when they signed their wage contract. Not only is it possible for government policy to be used effectively, but its use is also desirable. The government is able respond to stochastic shocks in the economy which agents are unable to react to, and so stabilise output and employment.

In the "Criticism" section it mentions Milton Friedman, but gives no citation and lists no work in the "References" section by him. I don't have a specific work by him to point out, but I found this article to be informative in contrasting his views with the "new classicals" (primarily Lucas, but also Sargent & Wallace) about rational expectations and the short-run effect of (nominal/monetary) policy to be informative: http://:8080/dspace/bitstream/10161/1921/1/Hoover_two_types_of_ That's by Hoover who is presenting Friedman's views to contrast them. He lists and quotes from a few works by Friedman, but I haven't read them myself and so don't feel it would be appropriate for me to give them as citations.

In the German school of swordsmanship , Mordhau , alternatively Mordstreich or Mordschlag (Ger., lit., "murder-stroke" or "murder-strike" or "murder-blow"), is the technique of holding the sword inverted, with both hands gripping the blade , and hitting the opponent with the pommel or crossguard . This technique allows the swordsman to essentially use the sword as a mace or hammer . The Mordhau is mainly used in armoured combat, although it can be used to surprise an opponent in close quarters. This technique has also been called a "thunder stroke".

Policy ineffectiveness proposition essay

policy ineffectiveness proposition essay


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