Abstract

Traditional macroeconomic stabilization policies seek to moderate swings in economic activity through measures that primarily augment aggregate demand. Such measures are, however, inadequate in mitigating the comprehensive effects of crisis such as the COVID-19, which affects both the demand and supply sides of the economy. Moreover, monetary policies are presently close to a liquidity trap combined with weakened transmission links to the real economy. Fiscal policies have been reactivated, albeit in an ad hoc and experimental manner. Based on a literature review and the policy responses following the COVID-19 crisis, the objective is to present a modified and extended framework for stabilization policies. In particular, the importance of microeconomic supply-side measures that promote entrepreneurial processes and knowledge-upgrading efforts are emphasized. Furthermore, a coherent realigning of policies at the micro- and macro-levels is argued to enhance the potential for long-term growth and to facilitate the restructuring of an economy that normally follows a crisis.

中文翻译：

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重新思考稳定政策；包括供应方措施和创业过程

摘要

传统的宏观经济稳定政策旨在通过主要增加总需求的措施来缓和经济活动的波动。然而，这些措施不足以减轻 COVID-19 等危机的综合影响，它同时影响经济的需求和供应。此外，货币政策目前接近流动性陷阱，加上与实体经济的传导联系减弱。财政政策已经重新启动，尽管是临时和试验性的。根据文献综述和 COVID-19 危机后的政策反应，目标是提出一个经过修改和扩展的稳定政策框架。特别是，强调了促进创业进程和知识升级努力的微观经济供应方措施的重要性。此外，有人认为，在微观和宏观层面对政策进行连贯的调整，可以提高长期增长的潜力，并促进通常发生危机后的经济结构调整。