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Commentary: the Policy Framework

Published online by Cambridge University Press:  26 March 2020

Martin Weale
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Extract

The Government, when it came to power in 1997, adopted a monetary and fiscal policy framework which was intended to deliver low and stable inflation, high and stable economic growth and fiscal balance as a basis for fairness between generations. It is abundantly clear from the chaos of the past few weeks that the policy has failed. Given that the policy goals are unlikely to be criticised, the question addressed here is which parts of the policy need replacing or augmenting.

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Type
Article Commentary
Information
National Institute Economic Review , Volume 206 , October 2008, pp. 68 - 73
Copyright
Copyright © 2008 National Institute of Economic and Social Research

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