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Macroeconomic policy in light of the credit crunch: The return of counter-cyclical fiscal policy?

Abstract:

This paper begins by arguing that the 2007/8 credit crunch does not require a fundamental reevaluation of monetary policy. The crunch occurred because regulation was too lax, and we need to develop new and more effective tools of regulatory control. To focus on current account imbalances or mistakes in setting interest rates as a prime cause of the credit crunch is unconvincing, and has the danger of diverting attention away from the need to increase financial regulation. The current recessio...

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Publisher copy:
10.1093/oxrep/grp034

Authors


Publisher:
Oxford University Press
Journal:
Oxford Review of Economic Policy
Volume:
26
Issue:
1
Pages:
71 - 86
Publication date:
2010-01-01
DOI:
ISSN:
0266-903X
Language:
English
UUID:
uuid:0d063eb7-d67a-479b-9fb4-0c5114cd830a
Local pid:
oai:economics.ouls.ox.ac.uk:14940
Deposit date:
2011-08-16

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