Since 2014
THE KEYNESIAN SYSTEM: FISCAL AND MONETARY POLICY GUIDELINES
GSTF Journal on Business Review
View Archive Info| Field | Value | |
| Title |
THE KEYNESIAN SYSTEM: FISCAL AND MONETARY POLICY GUIDELINES
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| Creator |
., Assist. Prof. Dr. Özlen Hiç Birol
., Assoc. Prof. Dr. Ayşen Hiç Gencer |
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| Subject |
Classical System, Keynesian System, Phillips Curve, Monetary Policy, Fiscal Policy
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| Description |
In this article we shall try to establish the guidelines ofthe Keynesian fiscal and monetary policies. In order to betterunderstand the Keynesian macroeconomic system it is necessaryto go briefly over the Classical economics in the pre-Keynesianperiod and the fiscal and monetary policies based on thoseanalyses. While principally dwelling on the Keynesianmacroeconomic system and the fiscal and monetary policiesbased on this system, we think we have some grounds about thesignificance of the subject. Firstly, the Keynesian analyses keepholding the balance of power in the theoretical field even in thepost-Keynes era, and constitute the foundation of themacroeconomic textbooks. Secondly, despite the economicconditions of these days which have gone through many changes,and the emergence of anti-Keynesian views, the governments andmonetary authorities (Central Banks) both in Europe and in theStates, still implement – cautiously– fiscal and monetary policiesin accordance with the Keynesian principles. In effect duringReagan era in the States and M. Thatcher in Britain, policiesunder the influence of Monetarism had been applied, however,since inflation was not prevented and there was an increase inunemployment, these policies were forsaken and moderateKeynesian policies were implemented low-key. But criticismscoming from both Monetarists and particularly New Classicaleconomists forced fundamental methodological and assumptivechanges in Keynesianism since the ‘80s; the school that emergedin the USA is called the New Keynesian Economics, in Englandthe Post-Keynesian Economics.
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| Publisher |
GSTF Journal on Business Review (GBR)
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| Contributor |
—
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| Date |
2014-08-21
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://dl6.globalstf.org/index.php/gbr/article/view/268
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| Source |
GSTF Journal on Business Review (GBR); Vol 3, No 3 (2014): Journal on Business Review (GBR)
ISSN: 2251-2888 2010-4804 |
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| Language |
eng
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| Relation |
http://dl6.globalstf.org/index.php/gbr/article/view/268/994
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| Rights |
Copyright (c) 2017 GSTF Journal on Business Review (GBR)
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