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Reflections on Macroeconomics Then and Now

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  • Stanley Fischer

    (Federal Reserve Board of Governors)

Abstract

Many of the answers to key macroeconomic policy questions have changed markedly over the past half-century or so. While much of the analytical approach of the past remains valid, there have been important changes in the economic environment. Estimates of Phillips Curves are flatter than in the past; productivity growth is lower and concerns have arisen over secular stagnation; monetary policy has been affected by the zero lower bound and changes in the financial sector; activist fiscal policy seems to have fallen out of favor, and changes in the energy industry may have altered the relationship between the economy and the price of oil. The result is that some of the answers to policy issues are now different because the problems of today were not evident 50 years ago.

Suggested Citation

  • Stanley Fischer, 2016. "Reflections on Macroeconomics Then and Now," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 51(3), pages 133-141, July.
    • Handle: RePEc:pal:buseco:v:51:y:2016:i:3:d:10.1057_s11369-016-0007-z
    DOI: 10.1057/s11369-016-0007-z
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    1. Feldkircher, Martin & Siklos, Pierre L., 2019. "Global inflation dynamics and inflation expectations," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 217-241.
    2. Lorenzo Burlon & Andrea Gerali & Alessandro Notarpietro & Massimiliano Pisani, 2017. "Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation," International Finance, Wiley Blackwell, vol. 20(2), pages 155-173, June.
    3. Edward J. Kane, 2018. "Ethics versus Ethos in US and UK Megabanking," Journal of Financial Services Research, Springer;Western Finance Association, vol. 53(2), pages 211-226, June.
    4. A.M. CHIDAKWA & Ruby NGAMANYA MUNHUPEDZI, 2017. "Investigating the Impact of Dollarization on Economic Growth: A Case of Zimbabwe," Expert Journal of Finance, Sprint Investify, vol. 5(1), pages 12-20.
    5. Edward J. Kane, 2016. "Ethics vs. Ethos in US and UK Megabanking," Working Papers Series 43, Institute for New Economic Thinking.
    6. Ruby NGAMANYA MUNHUPEDZI & A.M. CHIDAKWA, 2017. "Investigating the Impact of Dollarisation on Economic Growth - A Case of Zimbabwe," Expert Journal of Finance, Sprint Investify, vol. 5, pages 11-20.
    7. WARBURTON, Christopher E.S., 2021. "Secular Stagnation And The Negative Interest Rate Conundrum: International Analysis Of The Period 2010-2019," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 21(1), pages 19-36.
    8. Ruby NGAMANYA MUNHUPEDZI & A.M. CHIDAKWA, 2017. "Investigating the Impact of Dollarisation on Economic Growth - A Case of Zimbabwe," Expert Journal of Finance, Sprint Investify, vol. 5, pages 11-20.

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