Monetary and fiscal policy challenges in a time of uncertain economic growth: searching for the right solution

Mitja Gaspari

Izid: 2019 | Izid: 68 | Številka: 11 | Stran(i): 40-45

economic growth ekonomska rast fiscal policy fiskalna politika monetarna politika monetary policy

The consequences of the great financial and economic crisis have led to a re-assessment of the underlying assumptions of an optimum monetary-fiscal policy combination. The concept of Conventional Macroeconomic Analysis (CMA) has been criticised by Modern Monetary Theory (MMT) and Classical Keynesian Theory (CKT). The main point of contention is whether by changing interest rates we can avoid a liquidity trap and secular stagnation, in other words, escape from a »bad« equilibrium. ..

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