The Dollar and the Policy Mix: 1985
The Dollar and the Policy Mix: 1985
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美元和政策组合：1985 年
DOI：
10.7916/d8tx3n7x
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发表时间：
1985
期刊：
影响因子：
--
通讯作者：
J. Sachs
中科院分区：
文献类型：
--
作者：
J. Sachs
1971年，罗伯特·蒙代尔（Robert Mundell）提出了一个令人震惊的解决方案，解决了当时影响美国经济的三个问题：高通胀和高失业率，以及货币疲软。蒙代尔认为，财政扩张和货币紧缩的政策组合可以提高产出，降低通胀，同时加强货币。自1981年以来，里根政府一直在推行这种政策组合。本文研究了这一政策组合对通货紧缩和产出增长的贡献。它发现，在1981-84年期间，政策组合对通货膨胀的降低贡献了多达3个百分点，但由于组合而产生的对抗通货膨胀的收益在未来可能会损失，或者损失更多。
In 1971, Robert Mundell proposed a stunning solution to the three problems then affecting the U.S. economy: high inflation and unemployment, and a weak currency. Mundell suggested that the policy mix of fiscal expansion and monetary contraction could work to raise output, reduce inflation, and strengthen the currency at the same time. This policy mix has been pursued under the Reagan administration since 1981. The paper investigates the contributions of this policy mix to disinflation and output growth. It finds that the policy mix has contributed as much as three percentage points of the reduction in inflation during 1981-84, but that the gains against inflation due to the mix will likely be lost, or more than lost, in the future.