TY - RPRT AB - This chapter describes the ideology of market liberalism, the macroeconomic policies and institutions it produced, and the failure of those policies and institutions that produced the GFC and the subsequent deep recession in most developed countries. Although it is impossible to prescribe a fully-developed alternative policy framework at this point, new directions in macroeconomic policy are sketched out, including countercyclical fiscal policy, the need for an increase in public sector revenue and expenditure, and new approaches to monetary policy and financial regulation. AU - Quiggin, John DA - 2013-09 DA - 2013-09 DO - 10.22004/ag.econ.156935 DO - doi ID - 156935 KW - Political Economy KW - Public Economics KW - Global financial crisis KW - market liberalism KW - Australia KW - monetary policy. L1 - https://ageconsearch.umn.edu/record/156935/files/WPP13_3.pdf L2 - https://ageconsearch.umn.edu/record/156935/files/WPP13_3.pdf L4 - https://ageconsearch.umn.edu/record/156935/files/WPP13_3.pdf LA - eng LK - https://ageconsearch.umn.edu/record/156935/files/WPP13_3.pdf N2 - This chapter describes the ideology of market liberalism, the macroeconomic policies and institutions it produced, and the failure of those policies and institutions that produced the GFC and the subsequent deep recession in most developed countries. Although it is impossible to prescribe a fully-developed alternative policy framework at this point, new directions in macroeconomic policy are sketched out, including countercyclical fiscal policy, the need for an increase in public sector revenue and expenditure, and new approaches to monetary policy and financial regulation. PY - 2013-09 PY - 2013-09 T1 - Macroeconomic Policy after the Global Financial Crisis TI - Macroeconomic Policy after the Global Financial Crisis UR - https://ageconsearch.umn.edu/record/156935/files/WPP13_3.pdf Y1 - 2013-09 T2 - Australian Public Policy Program T2 - P13_3 ER -