Stanley Fischer
Growth, Macroeconomics, and Development
International Monetary Fund|National Bureau of Economic Research
1980s lost decade growth much latin america africa period whichthrough new growth theorymacroeconomists returned study growth development new growth theory production function driven concerned primarily steady states paid little attention role macroeconomic policyas reflected instance rate inflation budget deficitin determining growth paper presents variety evidence macroeconomics policies matter longrun growth first macroeconomic variables enter typical new growth theory crosscountry regressions statistical significance expected signs second evidence large multicountry case studies case studies chile cte divoire presented paper shows macroeconomic policy choices significant impact growth periods decade conclusion macroeconomic policy choices including budget deficit exchange rate system choices determine inflation rate matter longterm economic growth