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Macroeconomic Policy - Overview

Author: Geoff Riley  Last updated: Sunday 23 September, 2012

Introduction

Targets, instruments and goals of macroeconomic policy

The policy goals of macroeconomic policy vary from country to country and according to the political priorities of different governments

In the UK in recent years the main focus of macro policy has been maintaining price stability and also in improving competitiveness and promoting sustained and sustainable economic growth.

The degree of freedom (or autonomy) that policy makers have depends on the economic circumstances of the time and also the extent to which a country is locked into a set of institutions. For example the UK remains outside of the single European currency (the euro).

Macroeconomic performance covers a wide range of indicators – summarised as:

  • Economic growth (short term and long term)
  • Jobs (unemployment and employment)
  • Prices
  • Trade
  • Productivity
  • Average standard of living
  • The distribution of income and wealth
  • Quality of and financing of public services

The macroeconomic performance of any one nation is affected by events, policies and shocks in other countries. No economy is immune to what is happening in the global financial and economic system.





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