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Macroeconomic policy challenges in the Asian century

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  • Ken Henry

Abstract

This is an edited version of a lecture by economist and former Australian Treasury Secretary (2001–2011) Dr Ken Henry, delivered at a Colloquium in honour of Professor J.W. Nevile, held at the University of New South Wales on 10 October 2012. Taking a practitioner’s perspective, the article surveys the management of the Australian economy from the 1970s to the present, with a focus on the reasons Australia escaped the global financial crisis of 2008 and the lessons for macroeconomic policymakers to be drawn from that experience. The author concludes that macroeconomic policy practitioners have to think deeply about microeconomic connections and the potency of different instruments in addressing shocks with different sources. They also have to deal with considerable uncertainty. The global financial crisis demonstrated forcefully that there is no separation between macroeconomics, financial system stability, prudential regulation, micro-level incentive structures and market efficiency.

Suggested Citation

  • Ken Henry, 2013. "Macroeconomic policy challenges in the Asian century," The Economic and Labour Relations Review, , vol. 24(2), pages 150-160, June.
    • Handle: RePEc:sae:ecolab:v:24:y:2013:i:2:p:150-160
    DOI: 10.1177/1035304613482656
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    Cited by:

    1. Jerry Courvisanos & Ameeta Jain & Karim K. Mardaneh, 2016. "Economic Resilience of Regions under Crises: A Study of the Australian Economy," Regional Studies, Taylor & Francis Journals, vol. 50(4), pages 629-643, April.

    More about this item

    Keywords

    Australia; economic stabilisation; global financial crisis; inflation; macroeconomic policy; terms of trade; unemployment;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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