Monetary and Fiscal Economics in the Context of Macroeconomic Stability

Dear Colleagues,

Macroeconomic stability is sought by many, if not all, economies in the world. In the geoeconomic field, with the growing threat resulting from the susceptibility of economies to fluctuations in external economic conditions that affect national business cycles, macroeconomic stability is rarely achieved. In constantly changing economic conditions, including periods of financial crises, debt crises, energy crises, the COVID-19 pandemic, military crises, and others, economic authorities are forced to make unprecedented decisions. In the face of crises, such as the COVID-19 pandemic, central banks decided to undertake an expansionary monetary policy not only using low interest rates but also often unconventional monetary policy in the form of asset purchase programs. In turn, most governments around the world were forced to pursue expansionary fiscal policies to stimulate the economy. Governments, deciding to protect jobs and stimulate the economy, became excessively indebted, which resulted in growing budget deficits and, thus, public debts.

Therefore, macroeconomic policy can be perceived as an important impetus for economic authorities to intervene in economic processes with the intention of restoring internal and external balance. A. W. Philips and R. Mundell developed a method for assessing macroeconomic stability based on the macroeconomic stabilization pentagon, which refers to five macroeconomic indicators: annual GDP growth rate; unemployment rate; inflation rate; public finance sector deficit; and foreign debt rate. The literature also indicates another method for assessing the macroeconomic situation: the Macroeconomic Imbalance Procedure (MIP).

This Special Issue aims to collect excellent papers either considering a qualitative or a quantitative approach to the topics of macroeconomic stability, the stability of the financial system, or the activities undertaken by central banks and governments to achieve macroeconomic stability in the economy by influencing various variables such as the following: inflation, unemployment, economic growth dynamics, public deficit and debt, foreign debt, and others. Methodological approaches may include tools from the field of game theory, econometric models, simulation models, and others. The expected results of the research will allow for the development of various policy suggestions as well as societal implications.

Dr. Joanna Stawska
Prof. Dr. Paulo Reis Mourão
Guest Editors

Manuscript Submission Information

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

• macroeconomic policy
• financial stability
• monetary policy
• fiscal policy
• unemployment
• GDP growth
• inflation
• current account