Internal Objectives: Empirical Evidence

  • J. O. N. Perkins


This chapter assembles empirical evidence from a number of sources that throws light on the probable validity of the hypotheses raised in Chapter 2: namely, that different forms of macroeconomic stimulus have different relative effects on prices for a given effect on real output or employment; in particular, that tax cuts are likely to have less upward effect on prices than government outlays (and some types of tax cut may even have a downward effect on prices) for any given real stimulus to output or employment, and that a monetary expansion is likely to have the greatest upward effect on prices for any given real stimulus.


Interest Rate Monetary Policy Government Outlay Real Output Macroeconomic Policy 
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Copyright information

© J. O. N. Perkins 1990

Authors and Affiliations

  • J. O. N. Perkins
    • 1
  1. 1.University of MelbourneAustralia

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