Rethinking Macroeconomic Policy
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Summary:
The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis consensus, we identify where we were wrong and what tenets of the pre-crisis framework still hold, and take a tentative first pass at the contours of a new macroeconomic policy framework.
Series:
Staff Position Note No. 2010/003
Subject:
Asset prices Banking Central bank policy rate Financial services Fiscal policy Inflation Inflation targeting Monetary policy Prices
English
Publication Date:
February 12, 2010
ISBN/ISSN:
9781455224982/2617-6742
Stock No:
SPNEA2010003
Pages:
19
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