Using monetary policy to stabilize economic activity
نویسنده
چکیده
Indeed, one of the rst lessons one learns from studying a variety of hypothetical models is that the problem of economic stabilization is, even in principle, an extremely intricate one, and that a much more thorough investigation of both theoretical principles and empirical relationships would be needed before detailed policy recommendations could be justi ed.A. W. Phillips (1957, reprinted 1965, p. 677)
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