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The State of Advanced Economies and Related Policy Debates: A Fall 2016 Assessment

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  • Olivier J. Blanchard

    (Peterson Institute for International Economics)

Abstract

This Policy Brief reassesses macroeconomic policies in the current environment of low growth and low interest rates in major advanced economies. Despite low rates, demand remains anemic. The scope for monetary policy, which has carried much of the burden to stimulate demand, is increasingly limited. But there is plenty of room for fiscal policy to increase output, and it should be explored more aggressively. On specific economies, there is a strong case for higher inflation in the United States, the eurozone, and Japan, but for different reasons: In the United States, as insurance against the next recession; in the eurozone, to allow periphery countries to improve competitiveness without deflation; and in Japan, to reduce the burden of debt.

Suggested Citation

  • Olivier J. Blanchard, 2016. "The State of Advanced Economies and Related Policy Debates: A Fall 2016 Assessment," Policy Briefs PB16-14, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb16-14
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    File URL: https://www.piie.com/publications/policy-briefs/state-advanced-economies-and-related-policy-debates-fall-2016-assessment
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    Cited by:

    1. Ryuzo Miyao & Tatsuyoshi Okimoto, 2020. "Regime shifts in the effects of Japan’s unconventional monetary policies," Manchester School, University of Manchester, vol. 88(6), pages 749-772, December.
    2. Ugo Panizza & Charles Wyplosz, 2018. "The Folk Theorem of Decreasing Effectiveness of Monetary Policy: What Do the Data Say?," Russian Journal of Money and Finance, Bank of Russia, vol. 77(1), pages 71-107, March.
    3. Clavero, Borja, 2017. "A contribution to the Quantity Theory of Disaggregated Credit," MPRA Paper 76657, University Library of Munich, Germany.
    4. Daniele Archibugi & Andrea Filippetti & Marion Frenz, 2018. "Investment in innovation for European recovery: a public policy priority," Management Working Papers 16, Birkbeck Department of Management, revised Feb 2021.

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