Macroeconomic Policy after the Global Financial Crisis
John Quiggin ()
No 156935, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics
This chapter describes the ideology of market liberalism, the macroeconomic policies and institutions it produced, and the failure of those policies and institutions that produced the GFC and the subsequent deep recession in most developed countries. Although it is impossible to prescribe a fully-developed alternative policy framework at this point, new directions in macroeconomic policy are sketched out, including countercyclical fiscal policy, the need for an increase in public sector revenue and expenditure, and new approaches to monetary policy and financial regulation.
Keywords: Political Economy; Public Economics (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uqsers:156935
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