As I said a few weeks ago, we should not experience a double-dip recession absent policy mistakes.
In this rare type of recession, monetary policy is useless because people with negative equity will not borrow, no matter what the interest rate.
The two measures thus agree on recent history: government has shrunk over the past three years as the economy has slowly recovered from the Great Recession and government policy responses have faded.
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The single currency has deprived its members of any independent control over monetary policy or the exchange rate, so the burden of any necessary response to a recession falls more on fiscal policy.
More than usual, an end to this recession will depend on policy.
In fact, the economy shrugged off the meltdown with the help of a loosening of monetary policy and recession was postponed until the early 1990s.
Six months ago, in testimony to Congress, he argued that a tax cut was needed as an insurance policy against future recession.
Since unemployment among young college graduates still shows no improvement, the class of 2011 will likely face the highest unemployment rate for young college graduates since the Great Recession began, the Economic Policy Instiute reported in April.
But some, Stanford economist John Taylor being their leading spokesman, argue that the current recession was caused by Fed policy as well rates remained too low for too long in the lead up to the subprime mortgage fiasco.
For all the tirades against the Europeans, America's economy risks being pushed into recession by its own fiscal policy and by the fact that both parties are more interested in positioning themselves for the 2012 elections than in reaching the compromises needed to steer away from that hazardous course.
Even the best designed policy cannot prevent a recession, but it can ensure the biggest boost to demand at the least cost.
They have said "we cannot support a policy that deepens the recession".
In times of recession, governments need to loosen fiscal policy.
To stave off recession, the Federal Reserve loosened monetary policy.
As tax revenues have fallen over the past three years of recession, and austerity became the default policy of local governments, the public sector has been steadily hemorrhaging employees and cutting back on services.
Every American understands that the 8 million jobs that this economy lost during this recession came because of a recession that began and was caused by policy decisions made prior to this President coming into office.
That is because much looser monetary policy is necessary to stave off recession and deflation in the euro zone.
Speaking at a news conference in Paris, he said the financial crisis was now under control and "behind us" but "what is hitting Europe is a recession... provoked by the austerity policy".
They both, along with other policy mistakes, helped turn a great recession into a great depression.
The Great Recession is very similar in origin, but the policy response was different from the Fed.
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But George Cowcher, chief executive of the Derbyshire Nottinghamshire Chamber of Commerce, said the policy was difficult to justify in a recession.
No model in the world can prevent a financial bubble if monetary policy is too lax, or a recession if it is too tight.
You've got to be able to say that you're going to run a policy for growth and not let the recession just take its course.
Nor was the government able to use fiscal policy to stimulate the economy when the recession started, because of the fragile nature of the country's external-debt position.
His lack of commitment and clarity in economic policy has helped condemn Russia to a recession far longer and deeper than that of most other transitional economies.
It is much too early to talk about the end of recession and it is important not to withdraw the policy stimulus before there is firmer evidence that the economy has stabilised.
Such steady, albeit slow growth provided cover for Obama against the Republican attack line that his push for stimulus spending in response to the recession he inherited amounted to wasted money and failed policy.
Ideally, currency zones should be compact and homogenous enough to show little regional variation in business cycles otherwise a one-size-fits-all monetary policy will leave some regions lingering in recession, while others grow so fast they overheat.
The idea of a no-hassle return policy likely stemmed in part from the buzz boost that Ewanick helped obtain for his old employer, Hyundai, in 2009 when the company launched its Hyundai Assurance return policy at the depths of the Great Recession.
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Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession.
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