Trois changements « sismiques » dans l’économie mondiale et leurs enjeux de politique économique

Kiyohiko G. Nishimura

Revue d'économie financière, 2016, vol. n° 121, issue 1, 131-144

Abstract: Three ?seismic? shifts in the global economy are identified: (1) a persistent dampening fallout from the property bubbles, busts, and the ensuing financial crises; (2) information communication technology becoming employment-unfriendly; and (3) shift from the demographic bonus phase of young and growing population to the demographic onus phase of aging population. These seismic shifts have both short-run and long-run effects, with strong policy implications. Firstly, aggregate demand is generally weaker. Moreover, aggregate demand becomes less responsive to traditional macroeconomic stimulus. Secondly, many economies are losing flexibility and thus efficiency is declining. Thirdly, since conventional monetary policy turns out to be less effective, central banks are increasingly reliant on using central bank balance-sheets (unconventional policies) as a stabilization device. Lastly, and most importantly, uncertainty is particularly heightened. This heightened uncertainty poses a serious challenge to policy makers. Classification JEL: E43, E58, G01, J11, J24.

JEL-codes: E43 E58 G01 J11 J24 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_121_0131 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2016-1-page-131.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_121_0131

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().