Lessons Learned From the Global Recession - Redesigned Framework of Key Macroeconomic Policies

Borce Trenovski and Biljana Tashevska

MPRA Paper from University Library of Munich, Germany

Abstract: This research provides a critical analysis of the available relevant theoretical and empirical literature regarding the key lessons about fiscal and monetary policy during the latest global crisis. The main contribution of this paper lies in offering a new redesigned framework for the key macroeconomic policies which can serve as a general guide to policymakers for designing these policies to respond to future financial and economic crises. Our critical analysis points out 15 lessons for monetary policy which the monetary authorities should take into account in the process of designing their future policies. The analysis also includes 14 lessons as a guide for governments to design their fiscal policy during future global imbalances, addressing the efficiency of fiscal policies during large-scale economic crises, the role and significance of fiscal space, the effectiveness of austerity programs, the coordination of fiscal policies on a global level, the coordination and mutual interactions with monetary policy etc.

Keywords: global economic crisis; fiscal policy; monetary policy; redesigned macroeconomic policy framework; policy coordination; financial stability; fiscal space; economic theory; financial regulation; economic cycles; speculative booms; tax regulation; Keynesianism; macro-prudential interventions. (search for similar items in EconPapers)
JEL-codes: B10 E32 E6 E61 E62 E63 G2 (search for similar items in EconPapers)
Date: 2017-06-07, Revised 2018-01-10
New Economics Papers: this item is included in nep-mac
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Forthcoming in International Journal of Business and Globalisation Special Issue on: "Business and Economic Challenges in the Post-Great Recession: Global Economy and Business at a Crossroads".1(2019): pp. 1-40

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Journal Article: Lessons learned from the global recession - redesigned framework of key macroeconomic policies (2019)
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