Macroeconomic Policy and Economic Performance:
This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that, whil...
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| Main Author: | |
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2003
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that, while it was costly to lower inflation (in terms of output and employment), there are also benefits in terms of lower risk premiums on interest rates, a more favourable investment climate and an improvement in economic efficiency. That said, the paper concludes that there is not much of a case for lowering inflation further from its already low level. While inflation was being lowered, in a number of cases central banks were also undergoing rather significant changes to their institutional structures and policy-making frameworks. There is some limited evidence that these changes have helped in terms of better anchoring inflation expectations. At the same time there is no firm answer on how ... |
| Physical Description: | 1 Online-Ressource (65 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/444611645531 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:35:04Z |
| indexdate | 2024-12-18T19:04:07Z |
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| language | English |
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| spelling | de Lima, Pedro Verfasser aut Macroeconomic Policy and Economic Performance Pedro de Lima, Alain de Serres and Mike Kennedy = Politique macro-économique et performance / Pedro de Lima, Alain de Serres et Mike Kennedy Politique macro-économique et performance Paris OECD Publishing 2003 1 Online-Ressource (65 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that, while it was costly to lower inflation (in terms of output and employment), there are also benefits in terms of lower risk premiums on interest rates, a more favourable investment climate and an improvement in economic efficiency. That said, the paper concludes that there is not much of a case for lowering inflation further from its already low level. While inflation was being lowered, in a number of cases central banks were also undergoing rather significant changes to their institutional structures and policy-making frameworks. There is some limited evidence that these changes have helped in terms of better anchoring inflation expectations. At the same time there is no firm answer on how ... Economics de Serres, Alain ctb Kennedy, Mike ctb https://doi.org/10.1787/444611645531 Verlag kostenfrei Volltext |
| spellingShingle | de Lima, Pedro Macroeconomic Policy and Economic Performance Economics |
| title | Macroeconomic Policy and Economic Performance |
| title_alt | Politique macro-économique et performance |
| title_auth | Macroeconomic Policy and Economic Performance |
| title_exact_search | Macroeconomic Policy and Economic Performance |
| title_exact_search_txtP | Macroeconomic Policy and Economic Performance |
| title_full | Macroeconomic Policy and Economic Performance Pedro de Lima, Alain de Serres and Mike Kennedy = Politique macro-économique et performance / Pedro de Lima, Alain de Serres et Mike Kennedy |
| title_fullStr | Macroeconomic Policy and Economic Performance Pedro de Lima, Alain de Serres and Mike Kennedy = Politique macro-économique et performance / Pedro de Lima, Alain de Serres et Mike Kennedy |
| title_full_unstemmed | Macroeconomic Policy and Economic Performance Pedro de Lima, Alain de Serres and Mike Kennedy = Politique macro-économique et performance / Pedro de Lima, Alain de Serres et Mike Kennedy |
| title_short | Macroeconomic Policy and Economic Performance |
| title_sort | macroeconomic policy and economic performance |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/444611645531 |
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