By J. O. N. Perkins (auth.)
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Extra info for A General Approach to Macroeconomic Policy
Only one of them, that for the rise in government outlays, is therefore broadly comparable to one of those reported above as being undertaken with the UK econometric models; and only those for (bond-financed) income tax cuts and those for rises in government outlays are directly comparable to simulations by the OECD. They are, however, interesting and helpful as broadly confirming most of the evidence for the UK (discussed above) relating to the ranking of different types of tax cut (even though the EEC simulations assume the cuts are bond financed, whereas the UK simulations assumed that they were accommodated).
A slightly greater reduction in government outlays would thus make it possible to reduce prices while raising real output. 3. 5 of a unit but less than one unit can be combined with a tax cut that raises output by one unit, to give both a net rise in output and downward pressure on prices. It should be observed that if the government were unwise enough to try to raise tax rates with the aim of checking inflation, while also increasing government outlays, with the intention of thereby reducing unemployment) for any given rate of increase in prices, or both reduce at any given level of real output, or reduce output (increase unemployment) for any given rate of increase in prices, or both reduce real output (make unemployment worse) and increase the upward pressure on prices.
68 Stimulus Model Cut in VAT* Cut in employers' national insurance contributions* * Signifies that the fiscal change is accommodated by monetary measures to hold interest rates constant. SOURCE: Derived from Fisher et al, 1988. LBS =London Business School; NIESR =National Institute of Economic and Social Research; HMT =Her Majesty's Treasury; B of E =Bank of England. 74 *Signifies that the fiscal stimulus in question is accommodated by monetary measures to hold interest rates constant. , 1988. the UK, assume a constant quantity of money).