Research Catalog

Title

Macroeconomic Policy and Economic Performance [electronic resource] / Pedro de Lima, Alain de Serres and Mike Kennedy

Author

de Lima, Pedro.

Publication

Paris : OECD Publishing, 2003.

Details

Additional Authors

• de Serres, Alain.
• Kennedy, Mike.

Description

66 p.; 21 x 29.7cm.

Summary

This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that, while it was costly to lower inflation (in terms of output and employment), there are also benefits in terms of lower risk premiums on interest rates, a more favourable investment climate and an improvement in economic efficiency. That said, the paper concludes that there is not much of a case for lowering inflation further from its already low level. While inflation was being lowered, in a number of cases central banks were also undergoing rather significant changes to their institutional structures and policy-making frameworks. There is some limited evidence that these changes have helped in terms of better anchoring inflation expectations. At the same time there is no firm answer on how ...

Series Statement

OECD Economics Department Working Papers, 1815-1973 ; no.353

Uniform Title

OECD Economics Department Working Papers, no.353.

Subject

Economics

LCCN

10.1787/444611645531

OCLC

oecd-lib-000926

Author

de Lima, Pedro.

Title

Macroeconomic Policy and Economic Performance [electronic resource] / Pedro de Lima, Alain de Serres and Mike Kennedy

Imprint

Paris : OECD Publishing, 2003.

Series

OECD Economics Department Working Papers, 1815-1973 ; no.353

OECD Economics Department Working Papers, 1815-1973 ; no.353.

Connect to:

http://dx.doi.org/10.1787/444611645531

Indexed Term

Economics

Added Author

de Serres, Alain.

Kennedy, Mike.

Other Standard Identifier

10.1787/444611645531 doi