ch. 27 macroeconomic school of thoughts
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Created by:
hannahcohen on March 23, 2010
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5 terms
Italian | English |
|---|---|
 classical | macoeconomist believes that the economy is self regulating and that it is always at full employment |
| new classical | business cycle fluctuations are the efficient responses of a well functioning market economy that is bombarded by shocks that arise from the uneven pace of technological change |
| keynesian | macroeconomist believes that left alone the economy would rarely operate at full employment and that to achieve and maintain full employment active help from fiscal policy and monetary policy is required |
| new keynesian | a modern version view of the keynesian not only is the money wage rate sticky but that the prices of some goods and services are also sticky |
| monetarist | macroeconomist believes that the economy is self regulating and that it will normally operate at full employment provided that monetary policy is not erratic and that the pace of money growth is kept steady |
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