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New challenges for monetary and fiscal policies

Author

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  • Jerry L. Jordan

    (Pacific Academy for Advanced Studies)

Abstract

As a result of the “Global Financial Crisis” of 2008, the traditional tools of monetary and fiscal policies were broken and cannot be restored. New approaches to formulating and implementing monetary policies have been adopted, but there is no empirically supported evidence of the effectiveness of the new tools. Whether or not there is an acceleration of inflation or a return to deflation, it will neither be a result of central bank actions, nor can such be combated with monetary or fiscal policies. The decade-old debates about reliable targets and indicators of stabilization policies will have to be waged once again before confidence in the effectiveness of new policies and approaches can be restored.

Suggested Citation

  • Jerry L. Jordan, 2019. "New challenges for monetary and fiscal policies," International Journal of Economic Policy Studies, Springer, vol. 13(2), pages 275-284, August.
    • Handle: RePEc:spr:ijoeps:v:13:y:2019:i:2:d:10.1007_s42495-019-00015-z
    DOI: 10.1007/s42495-019-00015-z
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    Citations

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    Cited by:

    1. Naotsugu Hayashi, 2021. "Preface to the special feature on recent monetary policy 2," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 1-3, February.
    2. Naotsugu Hayashi, 2019. "Recent unorthodox monetary policies vs. orthodox theory of monetary policy: comments and views on Jordan," International Journal of Economic Policy Studies, Springer, vol. 13(2), pages 285-317, August.
    3. Naotsugu Hayashi, 2021. "BOJ's non-traditional monetary policies and their effects on the Japanese economy: comments and views on Harada," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 41-53, February.

    More about this item

    Keywords

    Central banks; Monetary policy; Fiscal policy; Inflation;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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