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Achieving Coherence Between Macroeconomic and Development Objectives

In: The Political Economy of Central Banking

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  • Gerald Epstein

Abstract

In the aftermath of the Great Financial Crisis of 2007-2008, the United States and Europe are stuck in a state of political paralysis that is leading to a new norm of fiscal austerity, high unemployment, and, in the case of Europe, economic stagnation. With fiscal policy orientated around austerity it is the central banks – the Federal Reserve (the Fed) , the Bank of England (BOE) and the European Central Bank (ECB) – that remain the only macroeconomic authorities with the authority and political power to try to revive these struggling economies.

Suggested Citation

  • Gerald Epstein, 2019. "Achieving Coherence Between Macroeconomic and Development Objectives," Chapters, in: The Political Economy of Central Banking, chapter 17, pages 441-452, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_17
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    Economics and Finance;

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