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Achieving Coherence Between Macroeconomic and Development Objectives

In: Contemporary Issues in Macroeconomics

Author

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  • Gerald Epstein

    (University of Massachusetts Amherst)

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, 2016. "Achieving Coherence Between Macroeconomic and Development Objectives," International Economic Association Series, in: Joseph E. Stiglitz & Martin Guzman (ed.), Contemporary Issues in Macroeconomics, chapter 11, pages 148-159, Palgrave Macmillan.
  • Handle: RePEc:pal:intecp:978-1-137-52958-9_12
    DOI: 10.1057/9781137529589_12
    as

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