Journal Article

Policy initiatives in the global recession: what did forecasters expect?

Abstract: The global recession of 2008-09 led to monetary and fiscal policy responses by central banks and government authorities that were often unconventional in size and scope. A study of expansionary measures employed during the recession suggests that overall, the policies were likely effective in shaping the outlook for a recovery, as forecasters raised their expectations of inflation and GDP growth after the policies? implementation. From this perspective, the policies stimulated economic activity and prevented deflationary pressures during the financial crisis.

Keywords: Monetary policy; Fiscal policy; Recessions; Economic forecasting; Inflation (Finance); Gross domestic product;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Current Issues in Economics and Finance

Publication Date: 2012

Volume: 18

Issue: Feb

Order Number: 2