NCM Critique: Policy Implications

Dilip M. Nachane ()
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Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter Chapter 12 in Critique of the New Consensus Macroeconomics and Implications for India, 2018, pp 255-275 from Springer

Abstract: Abstract This chapter is devoted to a post-crisis critique of the policy implications flowing from the NCM. These implications had shaped actual policies in many developed and developing countries during the two decades preceding the crisis and are regarded by many critics as the main architects of the crisis. We examine the policy aspects of the NCM critique under three major headings: (i) monetary policy, (ii) regulatory and supervisory policy and (iii) fiscal policy. As the NCM policy approach is strongly tied to the DSGE framework, in the final section of this chapter, we also discuss the limitations implicit in the use of these models for policy.

Keywords: Dynamic Stochastic General Equilibrium (DSGE); DSGE Framework; Monetary Policy; Insurance Supervisors; DSGE Models (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-3920-8_12

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DOI: 10.1007/978-81-322-3920-8_12

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