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It is necessary to decide on priorities, and to focus conditionality on measures that are critical to the macroeconomic objectives of recipient-country programmes, leaving those countries some scope to make policy choices for themselves.
According to the traditional neoclassical growth models, the destruction of capital stock due to natural disasters is unlikely to affect the rate of technological progress; however it may boost short-run economic growth, possibly because it moves countries away from their steady-state levels of macroeconomic objectives.
Our economic policies focused on achieving 'economic goals' -- that is, macroeconomic objectives -- but excluded ordinary Israelis.
"The Congress established maximum employment and stable prices as the key macroeconomic objectives for the Federal Reserve in its conduct of monetary policy.
So... one of the major things that was a takeaway for me in this research was that housing policy has become subsumed or subservient to macroeconomic objectives, and it's mostly dealt with now through the central bank.
To pursue their objectives, all central banks are empowered to manage the country's currency and money supply with a view to delivering specified macroeconomic objectives -- universally, that of low and stable inflation, as well as, in some cases, high employment and economic growth.
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The banks in question must be injected with enough capital to ensure they can meet the macroeconomic objective of maintaining normal levels of profitable lending to healthy customers.
but would also make it possible to take on family responsibilities without jeopardising the macroeconomic objective, enshrined in the Lisbon Agenda, of increasing the female labour force participation rate to 60% over the next decade.
In many instances, however, these reforms actually focused on a single macroeconomic objective, that of reducing the government's operating costs and cutting budget deficits, without paying much attention to their other declared objectives.
JEL Classification: Microeconomics/Institutions (D02), Institutions and the Macroeconomy (E02), Employment/ Unemployment/Wages(E24), Income Distribution (E25), Macroeconomic Policy Objectives (E61), Labor Economics Policies (JO8) Trades Unions (J51), Collective Bargaining (J52), Labor-Management Relations (J53), Public Policy (J58), Comparative Analysis of Economic Systems (P51).
The Fed is focused on achieving macroeconomic policy objectives such as price stability, full employment and stable economic growth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com