Macroeconomic stability, growth and employment: issues and considerations beyond the Washington Consensus

Employment Paper 2003/48

Explores the practice and outcome of macroeconomic policy formulation during the 1980s and 1990s based on the stabilization and structural adjustment programmes of the Washington Consensus and examines the emergence of a post-Washington Consensus based on Poverty Reduction Strategy Papers (PRSPs). Identifies issues to be considered in the design of a macroeconomic policy framework, focusing on the need for a return to the goal of full employment as the central objective of this policy.