Staff Position Notes (SPNs) showcase new policy-related analysis and research by IMF departments. These notes are generally brief, written in nontechnical language, and are aimed at a broad audience interested in economic policy issues, including staff involved in mission work, members of the Executive Board, and persons outside the Fund. This series replaced the Policy Discussion Papers series at the end of 2008. Most SPNs are around 25 pages, allowing for only a couple of simple equations and several tables and charts, which distinguishes them from the longer, and generally more technical, Working Papers.
Antonio Spilimbergo, Steven Symansky, Carlo Cottarelli, and Olivier Blanchard
INTERNATIONAL MONETARY FUND
The current crisis calls for two main sets of policy measures. First, measures to repair the financial system. Second, measures to increase demand and restore confidence. While some of these measures overlap, the focus of this note is on the second set of policies, and more specifically, given the limited room for monetary policy, on fiscal policy.