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Macroeconomic Policies and Long-Term Growth: A Conceptual and Empirical Review

Author

Listed:
  • Delano Villanueva
  • Mr. Mohsin S. Khan

Abstract

This paper reviews the theoretical and empirical aspects of the relationship between macroeconomic policies and the long-run rate of growth of GNP. The macroeconomic policies examined include fiscal policies, monetary and interest rate policies, external policies, and policies to reform the goods and labor markets, including adjustments of producer prices and wages. In general, the effects of these policies on growth operate directly or indirectly through their influence on investment in physical and human capital, and on factor productivity. The available empirical evidence confirms the effects of specific macroeconomic and financial policies on long-run growth.

Suggested Citation

  • Delano Villanueva & Mr. Mohsin S. Khan, 1991. "Macroeconomic Policies and Long-Term Growth: A Conceptual and Empirical Review," IMF Working Papers 1991/028, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1991/028
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=906
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    Cited by:

    1. Manamba EPAPHRA & John MASSAWE, 2016. "Investment and Economic Growth: An Empirical Analysis for Tanzania," Turkish Economic Review, KSP Journals, vol. 3(4), pages 578-609, December.
    2. Sayef Bakari, 2017. "The Three-Way Linkages Between Export, Import And Economic Growth: New Evidence From Tunisia," Journal of Smart Economic Growth, , vol. 2(3), pages 13-53, December.
    3. Giuseppina Testa, 2005. "Economic Growth and Finance. A cointegration analysis in US and Japan," Quaderni DSEMS 22-2005, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
    4. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
    5. Ashok Chakravarti, 2012. "Institutions, Economic Performance and the Visible Hand," Books, Edward Elgar Publishing, number 14751.

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