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5.5 The Policy Implications of the New Classical Approach

The combination of the rational expectations, continuous market-clearing

and aggregate supply hypotheses produces a number of important policy

conclusions. In what follows we discuss the main policy implications of the

new classical approach, namely (i) the policy ineffectiveness proposition; (ii)

the output–employment costs of reducing inflation; (iii) dynamic time inconsistency,

credibility and monetary rules; (iv) central bank independence; (v)

the role of microeconomic policies to increase aggregate supply; and (vi) the

Lucas critique of econometric policy evaluation.

We begin with a discussion of the strong policy conclusion that fully

anticipated changes in monetary policy will be ineffective in influencing the

level of output and employment even in the short run, that is, the superneutrality

of money.