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Erschienen in:
2016 | OriginalPaper | Buchkapitel
Achieving Coherence Between Macroeconomic and Development Objectives
verfasst von : Gerald Epstein
Erschienen in: Contemporary Issues in Macroeconomics
Verlag: Palgrave Macmillan UK
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In the aftermath of the Great Financial Crisis of 2007–2008, the United States and Europe are stuck in a state of political paralysis that is leading to a new norm of fiscal austerity, high unemployment, and, in the case of Europe, economic stagnation. With fiscal policy orientated around austerity it is the central banks—the Federal Reserve (the Fed), the Bank of England (BOE) and the European Central Bank (ECB)—that remain the only macroeconomic authorities with the authority and political power to try to revive these struggling economies.