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Stability with GrowthMacroeconomics, Liberalization and Development$
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Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

Print publication date: 2006

Print ISBN-13: 9780199288144

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199288143.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 October 2019

Stabilization, Liberalization, and Growth

Stabilization, Liberalization, and Growth

Chapter:
(p.233) 14 Stabilization, Liberalization, and Growth
Source:
Stability with Growth
Author(s):

Joseph E. Stiglitz (Contributor Webpage)

José Antonio Ocampo (Contributor Webpage)

Shari Spiegel

Ricardo Ffrench-Davis (Contributor Webpage)

Deepak Nayyar

Publisher:
Oxford University Press
DOI:10.1093/0199288143.003.0014

This chapter concludes the book by reviewing some of the key links between stabilization, liberalization, and growth. The first section reviews why instability is bad for the growth of the economy. The second reviews the argument that an excessive focus on price stability, as opposed to stability of output or employment, can be bad for growth. The third argues that excess reliance on monetary policy as a tool for stabilization may be bad for long-run economic growth, and examines the long-run consequences of failing to maintain the economy at as close to full employment as possible. The fourth and final section brings together the various strands of argument put forward in this book by first looking at the issues of liberalization and macroeconomic policy through the lens of risk management, and then discussing the links between stabilization and liberalization, and between growth and poverty.

Keywords:   price stability, employment, monetary policy, risk management, poverty, inflation, instability

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