Counter-cyclical Economic Policy:
What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins to...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.760 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins to be able to react to large adverse shocks. In the period leading up to the crisis, cycles became more synchronised, while asset prices became more volatile. Recent events also underline the difficulties encountered in detecting and reacting to asset price misalignments. The confluence of the turn in asset prices, financial market crisis and slump in trade challenged the ability of counter-cyclical policies to cope with the severe downturn, although experience reveals that countries where the fiscal position was sound and inflation under control were better able to cushion the shocks. Furthermore, robust micro-prudential regulation can help the financial sector withstand shocks. In this light, existing policies should be strengthened to ensure that there is room for manoeuvre going into a downturn. In order to deal with similar shocks in the future, macroeconomic and financial sector policies should consider precautionary policy settings and macro-prudential regulation to address systemic threats to stability. |
| Beschreibung: | 1 Online-Ressource (102 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kmfw36tj97h-en |
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| indexdate | 2024-11-26T14:55:58Z |
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| spelling | Sutherland, Douglas VerfasserIn aut Counter-cyclical Economic Policy Douglas, Sutherland ... [et al] = Politique économique contracyclique / Douglas, Sutherland ... [et al] Politique économique contracyclique Paris OECD Publishing 2010 1 Online-Ressource (102 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.760 What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins to be able to react to large adverse shocks. In the period leading up to the crisis, cycles became more synchronised, while asset prices became more volatile. Recent events also underline the difficulties encountered in detecting and reacting to asset price misalignments. The confluence of the turn in asset prices, financial market crisis and slump in trade challenged the ability of counter-cyclical policies to cope with the severe downturn, although experience reveals that countries where the fiscal position was sound and inflation under control were better able to cushion the shocks. Furthermore, robust micro-prudential regulation can help the financial sector withstand shocks. In this light, existing policies should be strengthened to ensure that there is room for manoeuvre going into a downturn. In order to deal with similar shocks in the future, macroeconomic and financial sector policies should consider precautionary policy settings and macro-prudential regulation to address systemic threats to stability. Economics Hoeller, Peter MitwirkendeR ctb Égert, Balázs MitwirkendeR ctb Röhn, Oliver MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kmfw36tj97h-en Volltext |
| spellingShingle | Sutherland, Douglas Counter-cyclical Economic Policy Economics |
| title | Counter-cyclical Economic Policy |
| title_alt | Politique économique contracyclique |
| title_auth | Counter-cyclical Economic Policy |
| title_exact_search | Counter-cyclical Economic Policy |
| title_full | Counter-cyclical Economic Policy Douglas, Sutherland ... [et al] = Politique économique contracyclique / Douglas, Sutherland ... [et al] |
| title_fullStr | Counter-cyclical Economic Policy Douglas, Sutherland ... [et al] = Politique économique contracyclique / Douglas, Sutherland ... [et al] |
| title_full_unstemmed | Counter-cyclical Economic Policy Douglas, Sutherland ... [et al] = Politique économique contracyclique / Douglas, Sutherland ... [et al] |
| title_short | Counter-cyclical Economic Policy |
| title_sort | counter cyclical economic policy |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kmfw36tj97h-en |
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