By William H. Branson
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Extra info for Macroeconomic Theory and Policy
The practical necessities of decision making under multiple constraints often led to the adoption, sometimes against the better judgment of its officers if not always of the Bank, of measures which created bigger problems in the longer-term than the more immediate ones they helped resolve. As the logic of decision-making became endogenized in the form of precedents and institutional evolution, the course was set for departures which however small or partial in the beginning, exercised over a period of time a tangible influence on the overall effectiveness of the Bank’s monetary policy (Balachandran 1998, p.
But once a populous EM crosses a critical threshold and high catch-up growth is established, higher labor mobility blurs the distinction between formal and informal sectors. Some part of the hitherto structurally unemployed are better treated as cyclically unemployed. A macroeconomics of the aggregate economy becomes both necessary and feasible. In labor-surplus economies established on a catch-up growth path, capital is available to equip labor and raise its productivity. Savings rise with growth, and capital flows in with greater openness.
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