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Stabilization Policy, Expected Output and Employment.

Abstract:

This paper investigates the relationship between stabilization policy and the cyclical behavior of employment. A policy regime that is less committed to maintaining a high level of real activity may induce a destabilizing response, causing rational employers to shed more labor during a recession. This expectational effect increases the output costs of an anti-inflationary policy. This hypothesis is tested with reference to the Thatcher policy experiment. An econometric model of U.K. manufactu...

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Journal:
Oxford Bulletin of Economics and Statistics
Volume:
50
Issue:
2
Publication date:
1988-01-01
DOI:
URN:
uuid:d365916c-2707-44c5-a7b7-efe803081aba
Local pid:
oai:economics.ouls.ox.ac.uk:14587
Language:
English

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