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The Medium-Term Macroeconomic Strategy Revisited

  • Jean-Claude Chouraqui
  • Kevin Clinton
  • Robert Bruce Montador

This paper discusses several aspects of the medium-term orientation of OECD countries' economic policies in the 1980s, concentrating on monetary and fiscal instruments. The developments that led to the adoption of such a "medium-term strategy", and the apparent analytical rationale for it, are first described. The paper then examines the way the strategy was actually implemented, attempting to judge how closely policies have in fact followed medium-term objectives, and assesses the results. Some lessons from experience with the strategy are outlined in conclusion ... Cette étude analyse divers aspects de l'orientation à moyen terme des politiques économiques formulées par les pays de l'OCDE dans les années 80, l'accent étant mis plus particulièrement sur les instruments d'action monétaire et budgétaire. Elle décrit tout d'abord l'évolution qui a conduit à l'adoption d'une telle "stratégie à moyen terme" ainsi que ses fondements analytiques. L'étude examine ensuite la façon dont cette stratégie a été mise en oeuvre, en tentant d'apprécier dans quelle mesure les politiques pratiquées ont effectivement suivi des objectifs à moyen terme et quels en ont été les resultats. En conclusion, l'étude souligne les quelques leçons que suggère l'application de cette stratégie à moyen terme ...

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File URL: http://dx.doi.org/10.1787/432567751277
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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 48.

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Date of creation: Dec 1987
Date of revision:
Handle: RePEc:oec:ecoaaa:48-en
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