Perspectives for CESEE Countries
Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth
Chapter 14: Policy trade-offs in CESEE and elsewhere
Rather than focusing only on monetary policy trade-offs, I will address possible changes in the overall policy mix in this chapter, taking into account two aspects: (1) macroeconomic policy failures in the developed world since the mid-1980s; and (2) what is often overlooked, distributional effects of various policies. In my view, the conventional policy mix has clearly reached its limits, and we should be looking for the (old or new) ideas in the unorthodox economic theory which, unjustifiably, have received too little attention so far among central bankers.
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