Are our Economic policies effective ?

Studying the effectiveness of economic policies is no easy task, whether from an ex ante or ex post viewpoint.

In most OECD countries, the conventional channels for economic policy have been exhausted: debt levels are seen as too high, restricting expansionary fiscal policies, while base rates close to zero limit the impacts of open market operations.

Stating that traditional policies are ineffective implies that we are able to assess them. But how do you measure the effectiveness of economic policies? Isn’t it only possible to measure the value of economic policies ex post? At a time when the central banks are applying so-called unconventional policies (quantitative easing or credit easing), it is indeed difficult to foresee their effects.

Other than these evaluation issues in their strictest sense, the session will also try to map out the options for policy implementation.  What decision-making level does each economic policy require (local or a higher level, depending on the type of policy)?