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Chupter 35 ECONOMIC POLICY FORMATION: THEORY AND IMPLEMENTATION Some contemporary policy issues Mainstream economic policy, known basically as demand management, and its econometric implementation are jointly under debate now. The main criticism comes from monetarists | Chapter 35 ECONOMIC POLICY FORMATION THEORY AND IMPLEMENTATION APPLIED ECONOMETRICS IN THE PUBLIC SECTOR LAWRENCE R. KLEIN University of Pennsylvania Contents 1. Some contemporary policy issues 2058 2. Formal political economy 2063 3. Some policy projections 2070 4. The theory of economic policy 2072 5. Prospects 2087 Appendix An outline of a combined Keynes-Leontief input-output macro model 2088 Handbook of Econometrics Volume HI Edited by Z. Griliches and M.D. Intriligator Elsevier Science Publishers BV 1986 2058 L. R. Klein 1. Some contemporary policy issues Mainstream economic policy known basically as demand management and its econometric implementation are jointly under debate now. The main criticism comes from monetarists who focus on versions of the quantity theory of money from advocates of the theory of rational expectations and more recently from supply side economists. All these criticisms will be considered in this paper as well as the criticisms of public policy makers who are always looking for precision in their choice procedures even when the subject matter is inherently stochastic and relatively noisy . Demand management is usually identified as Keynesian economic policy i.e. as the type that is inspired by the aggregative Keynesian model of effective demand. Also the mainstream econometric models are called Keynesian type models so the present state of world wide stagflation is frequently attributed to the use of Keynesian econometric models for the implementation of Keynesian policies. These are popular and not scientific views. In this presentation the objective will be to put policy measures in a more general perspective only some of which are purely demand management and aggregative. Also the evolution of econometric models for policy application to many supply-side characteristics will be stressed. To a certain extent the orientation will be towards experience derived from the application of U.S. models to U.S. economic policy but the issue
