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The Future of Stabilization Policy

• Most modern economies employ stabilization policies, with much of the work being done by central banking authorities such as the U.S. Federal Reserve Board. Stabilization policy is widely credited with the moderate but positive rates of GDP growth seen in the U.S. since the early 1980s. It involves using expansionary monetary and fiscal policy during recessions and contractionary policy during periods of excessive optimism or rising inflation. This means lowering interest rates, cutting taxes, and increasing deficit spending during economic downturns and raising interest rates, rising taxes, and reducing government deficit spending during better times.

• Many economists now believe that maintaining a steady pace of economic growth and keeping prices steady are essential for long-term prosperity, particularly as economies become more complex and advanced. Extreme volatility in any of those variables can lead to unforeseen consequences to the broad economy.