1.

Record Nr.

UNINA9910155202603321

Autore

Gaspar Vitor

Titolo

Macroeconomic Management When Policy Space is Constrained : : A Comprehensive, Consistent and Coordinated Approach to Economic Policy / / Vitor Gaspar, Maurice Obstfeld, Ratna Sahay, Douglas Laxton, Dennis Botman, Kevin Clinton, Romain Duval, Kotaro Ishi, Zoltan Jakab, Laura Jaramillo, Constant Lonkeng Ngouana, Tommaso Mancini-Griffoli, Joannes Mongardini, Susanna Mursula, Erlend Nier, Yulia Ustyugova, Hou Wang, Oliver Wuensch

Pubbl/distr/stampa

Washington, D.C. : , : International Monetary Fund, , 2016

ISBN

9781475537680

1475537689

9781475537765

147553776X

Descrizione fisica

1 online resource (61 p.)

Collana

Staff Discussion Notes

Altri autori (Persone)

BotmanDennis

ClintonKevin

DuvalRomain

LaxtonDouglas

ObstfeldMaurice

SahayRatna

Soggetti

Accommodative monetary policy

Accounting

Debt Management

Debt

Debts, Public

Deflation

Finance, Public

Financial reporting, financial statements

Financial statements

Fiscal Policy

Fiscal policy

Fiscal stimulus

Incomes Policy

Inflation

Macroeconomics

Monetary economics

Monetary Policy

Monetary policy



Money and Monetary Policy

Price Level

Price Policy

Prices

Public Administration

Public debt

Public finance & taxation

Public Finance

Public financial management (PFM)

Public Sector Accounting and Audits

Sovereign Debt

Japan

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Sommario/riassunto

The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or deal with the next negative shock. This note argues that room exists for effective policies and that it should be used if appropriate. The most promising route involves a comprehensive, consistent, and coordinated approach to policy making. Comprehensive policy actions within a country exploit synergies, making the whole greater than the sum of parts. Consistent policy frameworks anchor long-term expectations while allowing decisive short- to medium-term accommodation whenever necessary. Coordinated policies across major economies amplify the helpful effects of individual policy actions through positive cross-border spillovers. The findings of this paper indicate that policy coordination adds particular value if the current approach falls short of reviving growth, or in the event of a further downward shock.