History
The classification of some macroeconomic variables as instruments and some others as targets or objectives is originally due to Jan Tinbergen, who used these concepts in his books On the Theory of Economic Policy (1952) and Economic Policy: Principles and Design (1955).
Read more about this topic: Macroeconomic Policy Instruments
Famous quotes containing the word history:
“Every literary critic believes he will outwit history and have the last word.”
—Mason Cooley (b. 1927)
“The history of work has been, in part, the history of the worker’s body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers’ intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
—Shoshana Zuboff (b. 1951)
“Systematic philosophical and practical anti-intellectualism such as we are witnessing appears to be something truly novel in the history of human culture.”
—Johan Huizinga (1872–1945)