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- Title
Der lange Weg der Stabilisierungspolitik.
- Authors
Landmann, Oliver
- Abstract
The article "The Long Path of Stabilization Policy" describes the development of stabilization policy throughout history. It mentions two major economic crises in the early 21st century that led to stabilizing measures by governments and central banks. However, stabilization policy has undergone many changes over time and has often been controversially discussed. The article also describes the influence of the gold standard and the Keynesian revolution during the Great Depression. The text describes the development of economic theories by Keynes and Friedman. Friedman's monetarist counter-revolution and the return of rule-based policies led to doubts about the Keynesian doctrine. The theory of rational expectations called for a radical departure from the Keynesian model. The new neoclassical synthesis formed a paradigm for macroeconomic research. However, the 2008 financial crisis showed that the prevailing models could not capture the risks in the financial system. The Covid-19 pandemic has led to a global economic crisis that required decisive economic policy intervention. Stabilization policy faces the challenge of finding the right dosage and timing.
- Subjects
ECONOMIC stabilization; KEYNES, John Maynard, 1883-1946; BANKING industry; GLOBAL Financial Crisis, 2008-2009; FINANCIAL crises; GOLD standard; COVID-19 pandemic; KEYNESIAN economics; CAPITALISM; ECONOMIC policy; EXPECTANCY theories
- Publication
Perspektiven der Wirtschaftspolitik, 2022, Vol 23, Issue 3, p139
- ISSN
1465-6493
- Publication type
Article
- DOI
10.1515/pwp-2021-0055