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A Textbook on Macroeconomic wisdom and research
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Extra info for Macroeconomic theory: a textbook on macroeconomic knowledge and analysis
Example text
Treatment of the broad subject will be organized in two parts focusing on two simple questions. Chapter 5 will ask: how should economies grow? The macroeconomic side of this normative question is essentially simpler than that of the positive question considered in chapter 6: how do economies grow? The same distinction will not be suitable for structuring the discussion of short-run phenomena and business cycles. The normative aspect does not fully recede; indeed, the search for appropriate economic policies was and remains INTRODUCTION xxxiii a dominant motivation for many macroeconomists working on business fluctuations.
8 prices are passed on, but with lags which give some inertia to the process. Each time an increase is decided upon, new prices or new wage rates are adopted for a future period, as a function of what costs and prices are expected to be during the period. But once the process is started, it quickly becomes impossible to make the distinction, for each increase, between what is the consequence of former increases and what is due to expected future increases. We shall indeed see that trying to make such a distinction can lead to insuperable difficulties.
Actually we then recognized that, along a proportional growth path, output may depend on the real interest rate, itself linked to capital intensity and to the productivity of labour; we recognized that the coefficient k may depend just as well on the nominal interest rate, as on the ratio between the value of private wealth and the value of current income. But we had to take into account that, in proportional growth, the rate of inflation had to be equal to the difference between the growth rates of the money supply and of the volume of production respectively.
