Recessions can carry enormous humanitarian costs, and good policy can lead to much better outcomes.
Macroeconomic Stabilization Policy
We believe that there are humanitarian benefits to macroeconomic policies that prioritize employment.
The recent Great Recession points to the large economic and humanitarian costs of business cycle downswings, while the U.S. experience of the coronavirus recession shows the power that strong policy responses can have. Yet historically, policymakers have often faced political pressure to emphasize the risks of inflation relative to the suffering and lost output caused by unemployment.
From 2014 to 2021, we focused on US macroeconomic policy, and funded advocacy to emphasize the importance of employment, along with research and policy analysis to create better options for fiscal and monetary policy in the future.
Our current grantmaking in this area focuses on European macroeconomic policy, which in recent decades has frequently seen high unemployment alongside very low inflation.
The following Open Philanthropy staff oversee the Macroeconomic Stabilization Policy program.
Macroeconomic Stabilization Policy, at a glance