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DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: Options at the Zero Lower Bound

J. Bradford DeLong U.C. Berkeley October 15, 2016 But there is more to monetary policy than just interest rate policy constrained by the zero lower bound. There had been substantial thought back before 2008 about what to do at the zero lower bound. It is not that economists had a...
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DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Fiscal Policy

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 The near-consensus policy rule for fiscal policy’s countercyclical role back in 2008 was simple: it had none. Automatic stabilizers were allowed to function, were even encouraged, an...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: Choosing the Inflation Target

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 At least since the start of the 1970s, the principal focus on monetary policy here in the United States has been inflation control. That focus is dominated by the experience of the 1...

Has Macroeconomic Policy Been Different Since the Crisis?

Business & Finance / Economics : Macro and Other Market Musings

Brad DeLong wonders whether macroeconomic policy has been different in the post-2009 recovery. If we assume the role of macroeconomic policy is to stabilize aggregate demand growth, then my answer is an unequivocal yes. Macroeconomi...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: Policy Choices since 2008

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 What have those monetary policy choices been since the start of 2008? When a recession hits, and the unemployment rate starts to rise, the Federal Reserve sets about cutting the shor...

DRAFT: Did Macroeconomic Policy Play a Different Role in the (Post-2009) Recovery?: Monetary Policy: The Flexible Yardstick of the Taylor Rule

Business & Finance / Economics : Grasping Reality with Both Hands

J. Bradford DeLong U.C. Berkeley October 15, 2016 The consensus for interest rate policy as an aspect of monetary policy back in 2007 was some version of Taylor’s (1993, 1999) interest rate rule (cf. also: Henderson and McKibbin (19...

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