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Monetary and Fiscal Policy in the Next Recession

June 23, 2017 June 24, 2017 UTC+0

Laurence M. BallAngelo Melino
Johns Hopkins University
and NBER
University of Toronto, RCEA
and C.D.Howe Institute

The current macroeconomic situation will make it more difficult than ever for policymakers to stimulate economies in the next recession.  Policy interest rates cannot be reduced much  since they are at record lows; public debt is, in most countries, at record high, and the new US administration is promising to roll back some of macroprudential reforms introduced in the wake of the Great Recession. The current situation makes dealing with the next recession a formidable challenge. The goal of the workshop is to discuss what can be done to prepare for the next cyclical downturn, and what to do when the next recession starts, as it inevitably will.