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By J. O. N. Perkins (auth.)

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THE WRONG ASSIGNMENT OF INSTRUMENTS One implication of the foregoing discussion is that if instruments are changed mainly, or even partly, with an eye to influencing the macroeconomic objective for which they are least (less) suited, the economy will be driven away from one or more of its macroeconomic objectives. Even if all the available instruments are varied simultaneously with an eye to working towards the same objective - for example, to 50 A General Approach to Macroeconomic Policy reducing inflation - if taxes are increased considerably and monetary policy is simultaneously tightened, the combination of effects that is to be expected will be a downward impact on employment and on real output greater than if each of those instruments had been varied with an eye to the macroeconomic objective on which it had the greater relative effect.

Employment, as well as exerting downward pressure on prices. 6 shows). 6 shows, these results imply that there are various cuts in the different types of taxes simulated that could be combined with a cut in government outlays to give a non-inflationary stimulus. 98 or more SOURCE: Derived from Dramais, 1986. NOTE: as cuts in indirect taxes and in employers' social security contributions reduce prices as well as stimulating real output, there is (so far as this evidence goes, at any rate) no upper limit to the extent to which those taxes could be cut in the process of giving a non-inflationary stimulus.

Any two macroeconomic instruments could have been chosen by way of illustration: but in the following examples we shall take the two instruments to be a rise in the general level of government outlays (for which an easing of monetary policy could be substituted) and a cut in the general level of taxes. We consider the following cases. (i) There may be an instrument that has a negligible effect on output but a large upward effect on prices, whereas another instrument has a considerable upward effect on both objectives.

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