Braunerhjelm Pontus
Swedish Entrepreneurship Forum, KTH Royal Institute of Technology and Blekinge Institute of Technology, Stockholm and Karlskrona, Sweden.
Small Bus Econ (Dordr). 2022;58(2):963-983. doi: 10.1007/s11187-021-00520-6. Epub 2021 Aug 3.
Traditional macroeconomic stabilization policies seek to moderate swings in economic activity through measures that primarily augment aggregate demand. Such measures are, however, inadequate in mitigating the comprehensive effects of crisis such as the COVID-19, which affects both the demand and supply sides of the economy. Moreover, monetary policies are presently close to a liquidity trap combined with weakened transmission links to the real economy. Fiscal policies have been reactivated, albeit in an ad hoc and experimental manner. Based on a literature review and the policy responses following the COVID-19 crisis, the objective is to present a modified and extended framework for stabilization policies. In particular, the importance of microeconomic supply-side measures that promote entrepreneurial processes and knowledge-upgrading efforts are emphasized. Furthermore, a coherent realigning of policies at the micro- and macro-levels is argued to enhance the potential for long-term growth and to facilitate the restructuring of an economy that normally follows a crisis.
传统的宏观经济稳定政策试图通过主要增加总需求的措施来缓和经济活动的波动。然而，这些措施在减轻诸如新冠疫情这类危机的全面影响方面并不充分，因为此类危机对经济的需求侧和供给侧都会产生影响。此外，货币政策目前已接近流动性陷阱，同时与实体经济的传导联系也有所减弱。财政政策虽已重新启动，但方式是临时且试验性的。基于文献综述以及新冠疫情危机后的政策应对情况，目标是提出一个经过修改和扩展的稳定政策框架。特别要强调促进创业进程和知识升级努力的微观经济供给侧措施的重要性。此外，有人认为在微观和宏观层面进行政策的连贯调整，有助于增强长期增长潜力，并推动危机后通常会出现的经济结构调整。
