IMF, (2015), “Monetary Policies in Advanced Economies: Good for Them, Good for Others”, IMF Policy Paper, 23 Iούνιος 2015.
Accommodative monetary policies in systemic advanced economies can have a positive impact on economic activity in other countries if they are perceived as good news about growth prospects in advanced economies, said a new IMF report that assesses the “spillover” impact of policies on other economies.
Seven years after the onset of the Great Recession, economic activity in many advanced economies remains below potential. In the euro area, for example, the output gap—how far output is below where it could be if all productive resources such as labor and capital were being fully utilized—is nearly 2½ percent.
Central banks in the so-called systemic advanced economies—the euro area, Japan, the United Kingdom, and the United States—have responded with monetary policies that should help close output gaps. The closing of output gaps, in turn, will help lower unemployment and raise investment in these economies, as the IMF’s First Managing Director, David Lipton noted recently. But what impact will these policies have on other economies? This was the focus of the 2015 Spillover Report.
Σχετικές αναρτήσεις:
- Mink, M. & de Haan, J. (2014) “Spillovers from systemic bank defaults“, VoxEU Organisation, 24 Μαΐου.
- Miscossi, St., (2015), “The Monetary Policy of the European Central Bank (2002-2015)”, CEPS Special Report, 22 Μαΐου 2015.
- Danisewicz, Ρ., Reinhardt, D. & Sowerbutts, R. (2015) “Macroprudential spillovers: The role of organisational structure“, VoxEU Organisation, 05 Μαρτίου.