Policy initiatives in the global recession: what did forecasters expect?
The global recession of 2008-09 led to monetary and fiscal policy responses by central banks and government authorities that were often unconventional in size and scope. A study of expansionary measures employed during the recession suggests that overall, the policies were likely effective in shaping the outlook for a recovery, as forecasters raised their expectations of inflation and GDP growth after the policies’ implementation. From this perspective, the policies stimulated economic activity and prevented deflationary pressures during the financial crisis.
Volume (Year): 18 (2012)
Issue (Month): Feb ()
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"The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment,"
NBER Working Papers
16956, National Bureau of Economic Research, Inc.
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