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Macroeconomic policies in the short term and the medium term Panel contribution by Philip R. Lane, Member of the Executive Board of the ECB, at the Lámfalussy Lectures E-Conference 2021 organised by the Magyar Nemzeti Bank 25 January 2021 The current configuration of macroeconomic policies around the world is striking. The large-scale-but-temporary nature of a pandemic calls for an outsized fiscal response that takes account of the shortfall of income for many workers and firms; the asymmetric effects across industries (depending on their reliance on physical proximity to customers); and the compelling case for smoothing the financing of the cost of extensive fiscal support over a very extended period. The optimal contribution of monetary policy in a pandemic is also analytically straightforward: the ample provision of liquidity to protect credit supply and the stabilisation of markets, in combination with an accommodative monetary stance to counter the negative pandemic shock to

United statesPhilipr laneHarvard universityEconomics departmentMagyar nemzeti bankTrinity college dublinPeterson institute for international economicsExecutive boardLecturese conferenceMagyar nemzetiGoverning councilQuarterly journalLow interest ratesEconomic reviewFiscal policyDeeply uncertain world