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Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960–1985

  • Book
  • © 1989

Overview

Authors:
  1. Christine Sauer

    1. University of New Mexico, Albuquerque, USA

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 326)

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Table of contents (5 chapters)

  1. Front Matter

    Pages I-XIII
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  2. Introduction

    • Christine Sauer
    Pages 1-6

  3. The German Economy: 1960–1985

    • Christine Sauer
    Pages 7-29

  4. Survey and Critique of the Literature: Empirical Studies of the German Macroeconomy

    • Christine Sauer
    Pages 30-57

  5. Fixed Versus Flexible Exchange Rates in the Open Economy: Theory and Reality

    • Christine Sauer
    Pages 58-97

  6. Monetarist, Keynesian, and New Classical Theories of Output, Unemployment, and Inflation in Germany: 1960–1985

    • Christine Sauer
    Pages 98-176

  7. Back Matter

    Pages 177-211
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Keywords

About this book

by Jerome L. Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries. This paradox, called stagflation, was inconsistent with the tenet of Keynesian economics that cyclical movemants in prices and output relative to their respective trends are positively correlated. A search occurred for a more satisfactory theory of macroeconomics which could explain the paradox of stagflation and the observed economic phenomena. The New Classical Economics (NCE) developed as the total rejection of Keynesian economics. The Keynesians claimed that their demand management policies contributed to the obsolescence of the business cycle and successfully eliminated the gap between full employment (potential) output and actusl output. The NCE argued just the opposite: the unemplo~nt rate or growth rate of real output is insensitive to systematic demand management policies [Lucas; Sargent and Wallace].

Authors and Affiliations

  • University of New Mexico, Albuquerque, USA

    Christine Sauer

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