530. Europe, USA and Japan Recent Macroeconomic Policy Errors and a Way Forward

Richard Wood,  School of Economics Discussion Paper No. 530 August 2014, School of Economics, The University of Queensland.

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Abstract

This paper argues that a number of the central macroeconomic policies adopted by major economic blocks since the Global Financial Crisis have been inappropriate, largely ineffective or counterproductive. These mistaken policies have proven very expensive. An alternative combination of monetary and fiscal policies is suggested as a way to combat high debt, credit traps, deflation tendencies and high unemployment.