Titlebook: Debates in Monetary Macroeconomics; Tackling Some Unsett Steven Pressman,John Smithin Book 2022 The Editor(s) (if applicable) and The Autho

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What is the Sign of the Balanced Budget Multiplier?,nding, as a percentage of GDP, increases economic growth and reduces unemployment, perhaps at the cost of somewhat higher inflation. This paper argues that the standard analysis ignores the supply-side effects of increased taxation, and that the sign of the balanced budget multiplier is negative. A

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Taxes Are Deflationary and Can Be Used as a Deflationary Tool,. It identifies many different types of taxes and their impact on spending and prices. Corporate and individual income taxes, and social insurance taxes, decrease disposable income and spending. They don’t increase production costs, so shouldn’t increase prices. Excise and sales (value-added) taxes

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The Ambiguous Effects of Targeting Current Account Surpluses,rplus may generate a paradox of thrift by seeking to reduce their spending on foreign-made goods and depressing growth in both nations. When many nations do this, the result will be slow growth throughout the world. Furthermore, there is no escape from the simple math of trade balances—one nation’s

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Does a Current-Account Deficit Indicate Bad Economic Policy?,ds on what is most important. In the long run, current-account variations can smooth domestic living standards. But whether a surplus is appropriate depends on which individuals we think are more ‘deserving’. The more we value future generations compared to current generations, and the less we care

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The Case for Fixed Exchange Rate Regimes: What for and in What Form?, This is why most international corporations have chosen the US dollar as their functional currency. Second, although fixed regimes have been accused of hindering monetary policy, the paper argues that floating regimes do not guarantee currency sovereignty. Whether floating or fixed exchange rates a

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In Defence of Flexible Exchange Rates in a Small Open Capitalist Economy,, resulting in macroeconomic instability. In the real world, the only exchange rate regimes that have employed floating exchange rates or (at a minimum) fixed-but-adjustable exchange rates have been successful. Nonetheless, many theorists favour hard pegs or currency unions because they perform well

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https://doi.org/10.1007/978-3-030-04043-7ce to such rules have often proved troublesome. For instance, attempts to follow a monetary policy rule like the Taylor rule led to inflation in the 1970s and using the Friedman rule during the Great Recession would have reduced monetary growth, which would have increased interest rates and made the