Lessons on Fiscal Policy After the Global Financial Crisis

Sawyer, Malcolm

doi:10.1007/978-3-319-60459-6_2

Cited by 6 publications

(5 citation statements)

References 19 publications

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“…The experiences after the GFC revived interest in fiscal policy and initially allowed the automatic stabilisers to come into effect along with some discretionary fiscal policy. Policies quickly switched back to 'bring down the deficit' (Sawyer, 2016). There has been limited success in reducing deficits and particularly reducing public debt (as ratio of GDP).…”

Section: Monetary Policy In Recent Decadesmentioning

confidence: 99%

The efficacy of monetary policy in an age of financialisation and climate change

Sawyer¹

2022

Monetary Economics, Banking and Policy

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Monetary policy is inevitably operated by a central bank in the context of a specific banking and financial system, and responding to the economic issues of the time. Financialisation in the present era, broadly the past four decades, has not only involved the continuing growth of the financial sector but also a more market orientated banking system, development of securitization, and growth of shadow banking. The past decade has also seen the adoption of quantitative easing (QE) and other forms of 'unconventional' monetary policy. The paper explores the implications of aspects of financialisation for the transmission mechanisms of monetary policy and the objectives of monetary policy. It also considers the future of inflation targeting in light of experience, and financial stability as a key objective of monetary policy. The challenges of climate change and the possible implications for monetary policy are also considered.

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Section: Monetary Policy In Recent Decadesmentioning

confidence: 99%

The efficacy of monetary policy in an age of financialisation and climate change

Sawyer¹

2022

Monetary Economics, Banking and Policy

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“…We demonstrate that there is strong indication of a reverse causal relationship from GDP growth to public debt' (p. 25). In Sawyer (2017), I argued that there could well be elements of a relationship running from slow growth to high debt ratios.…”

Section: After Covid-19mentioning

confidence: 99%

Economic Policies and the Coronavirus Crisis in the UK

Sawyer

2021

Review of Political Economy

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The focus of this article is the economic policies pursued in the UK in response to the coronavirus pandemic in the first twelve months of that crisis (February 2020 to January 2021). The measures of lockdown, quarantine, limitations on travel and so on are discussed as relevant to economic policies. The timeline of the policy responses to coronavirus, the evolution of the infections, and of economic activity is briefly outlined. The main fiscal policy responses in terms of development of policy programmes and the evolving budget deficit are considered, as are the policies of the Bank of England. There is a brief discussion of the financing and funding of public expenditure, and of post-pandemic budgetary policies. The failures of public procurement policies during the pandemic are reviewed, particularly in relation to the interface between public and private sectors. This is followed by consideration of aspects of inequalities and the coronavirus pandemic.

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“…But this was soon followed by drives for fiscal consolidation and austerity. The fiscal policy responses varied between countries (Sawyer, 2017). However, there were underlying themes which could be labelled the drive for fiscal consolidation and austerity.…”

Section: Remarks On Recent Fiscal Policy Debatesmentioning

confidence: 99%

Kalecki on Budget Deficits and the Possibilities for Full Employment

Sawyer

2020

Review of Political Economy

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This paper revisits the writings of Michal Kalecki which relate to issues of fiscal policy, budget deficits and securing full employment in capitalist economies. It seeks to relate those writings to the recent fiscal policy debates after the global financial crises. It covers the issues of the financing and funding of public expenditure and private expenditure. The relationship between the scale of budget deficit and the achievement of full employment is considered. Kalecki's approach to the 'burden' of debt is elaborated. The social and political constraints on the achievement of full employment are revisited.

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Lessons on Fiscal Policy After the Global Financial Crisis

Cited by 6 publications

References 19 publications

The efficacy of monetary policy in an age of financialisation and climate change

The efficacy of monetary policy in an age of financialisation and climate change

Economic Policies and the Coronavirus Crisis in the UK

Kalecki on Budget Deficits and the Possibilities for Full Employment

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