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

• Record Nr.: UNINA9910155202603321
• Autore: Gaspar Vitor
• 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.