Limitations of macro-policy in industrialized countries

Overcoming economic recession and conntering high rates of inflation have been major goals for short-term policy-malting in the developed market economies since the end of the Second WorId War. Rates of success in the policy arena may have been mixed, but the tools of policy were seen as quite potent. Today, the view is more nuanced. Macroeconomic policy is still widely considered necessary, and a potent means, to avoid reaching the extreme points of business cycles. However, the capacity to fme-tnne in the short rnn through macroeconomic management per se is thought to be small.

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