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Macroeconomic Policy after the Global Financial Crisis

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  • Quiggin, John

Abstract

This chapter describes the ideology of market liberalism, the macroeconomic policies and institutions it produced, and the failure of those policies and institutions that produced the GFC and the subsequent deep recession in most developed countries. Although it is impossible to prescribe a fully-developed alternative policy framework at this point, new directions in macroeconomic policy are sketched out, including countercyclical fiscal policy, the need for an increase in public sector revenue and expenditure, and new approaches to monetary policy and financial regulation.

Suggested Citation

  • Quiggin, John, 2013. "Macroeconomic Policy after the Global Financial Crisis," Risk and Sustainable Management Group Working Papers 156935, University of Queensland, School of Economics.
  • Handle: RePEc:ags:uqsers:156935
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    File URL: http://purl.umn.edu/156935
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    Keywords

    Global financial crisis; market liberalism; Australia; monetary policy.; Political Economy; Public Economics; G28; E6;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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