04937oam 22011774 450 991015520260332120250426110832.0978147553768014755376899781475537765147553776X(CKB)3710000000973899(BIP)077143844(BIP)077138593(IMF)SDNEA2016009SDNEA2016009(EXLCZ)99371000000097389920020129d2016 uf 0engtxtrdacontentcrdamediacrrdacarrierMacroeconomic 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 WuenschWashington, D.C. :International Monetary Fund,2016.1 online resource (61 p.) Staff Discussion Notes9781475537543 1475537549 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.Staff Discussion Notes; Staff Discussion Notes ;No. 2016/009Accommodative monetary policyimfAccountingimfDebt ManagementimfDebtimfDebts, PublicimfDeflationimfFinance, PublicimfFinancial reporting, financial statementsimfFinancial statementsimfFiscal PolicyimfFiscal policyimfFiscal stimulusimfIncomes PolicyimfInflationimfMacroeconomicsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfPrice LevelimfPrice PolicyimfPricesimfPublic AdministrationimfPublic debtimfPublic finance & taxationimfPublic FinanceimfPublic financial management (PFM)imfPublic Sector Accounting and AuditsimfSovereign DebtimfJapanimfAccommodative monetary policyAccountingDebt ManagementDebtDebts, PublicDeflationFinance, PublicFinancial reporting, financial statementsFinancial statementsFiscal PolicyFiscal policyFiscal stimulusIncomes PolicyInflationMacroeconomicsMonetary economicsMonetary PolicyMonetary policyMoney and Monetary PolicyPrice LevelPrice PolicyPricesPublic AdministrationPublic debtPublic finance & taxationPublic FinancePublic financial management (PFM)Public Sector Accounting and AuditsSovereign DebtGaspar Vitor265793Botman Dennis901784Clinton Kevin185170Duval Romain1769839Laxton Douglas1594457Obstfeld Maurice118388Sahay Ratna1083526DcWaIMFBOOK9910155202603321Macroeconomic Management When Policy Space is Constrained4243096UNINA