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2015 Spillover Report

Information about Middle East Oriente Medio

Journal Issue

Volume/Issue:: 2015/043
Series:: Policy Papers
Author(s):: International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. Western Hemisphere Dept.;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Monetary and Capital Markets Department
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: August 2015
DOI:: http://dx.doi.org/10.5089/9781498344487.007
ISBN:: 9781498344487
ISSN:: 2663-3493
Page:: 30

Many countries around the globe, particularly the systemic advanced economies, face the challenge of closing output gaps and raising potential output growth. Addressing these challenges requires a package of macroeconomic, financial and structural policies that will boost both aggregate demand and aggregate supply, while closing the shortfall between demand and supply. Each element of this package is important and one cannot substitute for the other: easy monetary policy will not raise potential output just as structural reforms will not close the output gap. This report studies the impact on emerging markets and nonsystemic advanced economies from monetary policy actions in systemic advanced economies, with a look also at knock-on effects from the decline in world oil prices.

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2015 Spillover Report