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Erschienen in:
1979 | OriginalPaper | Buchkapitel
Managing the Modern Economy: Econometric Specification
verfasst von : Lawrence R. Klein
Erschienen in: Optimal Control for Econometric Models
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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The legacy of the Keynesian Revolution is a method or an approach to macroeconomic management that attempts largely, but not entirely, to manipulate the level of demand through fiscal and monetary policy instruments in order to achieve economic stabilisation. This has been assumed to mean steady operation of the economy at or near full employment. In the open economy, this approach must be extended to include manipulation of trade policy instruments.