IMF Working Papers

Macroeconomic Policies and Long-Term Growth: A Conceptual and Empirical Review

By Delano Villanueva, Mohsin S. Khan

March 1, 1991

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Delano Villanueva, and Mohsin S. Khan Macroeconomic Policies and Long-Term Growth: A Conceptual and Empirical Review, (USA: International Monetary Fund, 1991) accessed November 21, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper reviews the theoretical and empirical aspects of the relationship between macroeconomic policies and the long-run rate of growth of GNP. The macroeconomic policies examined include fiscal policies, monetary and interest rate policies, external policies, and policies to reform the goods and labor markets, including adjustments of producer prices and wages. In general, the effects of these policies on growth operate directly or indirectly through their influence on investment in physical and human capital, and on factor productivity. The available empirical evidence confirms the effects of specific macroeconomic and financial policies on long-run growth.

Subject: Exports, External debt, Financial services, Human capital, International trade, Labor, National accounts, Private investment, Real interest rates

Keywords: Asia and Pacific, Europe, Expenditure ratio, Exports, GNP, Human capital, Investment ratio, Middle East, Potential GDP, Private investment, Rate of change, Rate of inflation, Real interest rates, Western Hemisphere, World market interest rate, WP

Publication Details

  • Pages:

    46

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 1991/028

  • Stock No:

    WPIEA0281991

  • ISBN:

    9781451844566

  • ISSN:

    1018-5941

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