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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 20 September 2021

Going Bust for Growth

Going Bust for Growth

(p.267) 27 Going Bust for Growth
Progress and Confusion

Raghuram Rajan

The MIT Press

The chapter argues that concerns with low growth in advanced economies, the “growth imperative,” is pushing central banks toward competitive monetary easing, through unconventional monetary policies (UMP). These policies are shifting demand away from other countries and are creating financial sector risks. The chapter calls for multilateral institutions such as the IMF to reexamine the rules of the game; in particular the IMF should analyze each new UMP and assess whether they work primarily through the exchange rate.

Keywords:   growth imperative, competitive easing, monetary policy, rules of the game, IMF

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