A hora da política fiscal? O impacto das políticas macroeconômicas nos EUA a partir da crise financeira de 2008 e lições para a crise da pandemia:

Thiago Antoniolli; Adriano Sampaio; Carmem Feijó

Thiago Antoniolli Universidade Federal Fluminense https://orcid.org/0000-0002-5087-6989
Adriano Vilela Sampaio Universidade Federal Fluminense https://orcid.org/0000-0002-1866-4118
Carmem Feijó Universidade Federal Fluminense https://orcid.org/0000-0002-6376-4599

Palavras-chave: Crise Financeira de 2008, Novo Consenso Macroeconômico, Regime de Metas de Inflação, Política Monetária, Política Fiscal, Financeirização

Resumo

A crise financeira de 2008 pôs fim ao período da ‘grande moderação’, que consolidou o ‘novo consenso macroeconômico’e o Regime de Metas de Inflação. A contribuição deste artigo é, com base na experiência americana, discutir a crise no arranjo convencional de política econômica que levou à adoção de medidas “não convencionais”. O novo arranjo de política econômica teve impacto sobre os balanços patrimoniais de famílias e empresas não financeiras, aprofundando o grau de financeirização da economia americana. A revisão do quadro de políticas macroeconômicas convencionais no pós-2008 culminou na adoção e reconhecimento da efetividade de medidas alternativas, em particular, políticas fiscais contracíclicas e políticas de credit e quantitative easing. O artigo conclui que as medidas adotadas durante a crise financeira não se efetivaram em mudanças significativas no arranjo convencional de política econômica posteriormente.

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