So I designed, for an American scientist based in Paris, a very stimulative, brain stimulative office.

Concerns about the impact of income inequality are already constraining fiscal and monetary policy in developed and developing countries alike as they attempt to extricate themselves from the hyper stimulative policies adopted during the financial crisis.

Where they did, they and their representatives had no good way to think about how they could benefit from stimulative government policies to moderate economic downturns, and no way to reach the levers of power in any event.

The inability of Western European governments to enact sufficiently bold liberalizing reforms to create the possibility of full employment, together with the failure of western European monetary policy to be sufficiently stimulative to create the reality of full employment.

The inability of Western European governments to enact sufficiently bold liberalizing reforms to create the possibility of full employment, together with the failure of western European monetary policy to be sufficiently stimulative to create the reality of full employment.

4. It was recognized that while stimulative macroeconomic policies might overcome the recession, many Governments faced a dilemma demand and employment generating fiscal policies would further raise government deficits and debt, whereas fiscal retrenchment of a classical character would exacerbate unemployment.

This logic would be correct if the world were operating under a fixed exchange rate regime, with governments tying official exchange rates to another country s currency or the price of gold. Under these conditions, monetary contraction (or slowing expansion) would have a recessionary (or a less stimulative) impact on other economies.