Achieving Coherence Between Macroeconomic and Development Objectives

Gerald Epstein

Chapter 17 in The Political Economy of Central Banking, 2019, pp 441-452 from Edward Elgar Publishing

Abstract: In the aftermath of the Great Financial Crisis of 2007-2008, the United States and Europe are stuck in a state of political paralysis that is leading to a new norm of fiscal austerity, high unemployment, and, in the case of Europe, economic stagnation. With fiscal policy orientated around austerity it is the central banks – the Federal Reserve (the Fed) , the Bank of England (BOE) and the European Central Bank (ECB) – that remain the only macroeconomic authorities with the authority and political power to try to revive these struggling economies.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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