Symposium: The Return of Counter-cyclical Policy – Editorial Preface

The concept of counter-cyclical macroeconomic policies had been marginalized from the lexicon of mainstream economics for many years. Some of us maintained this concept as the center of our analysis, emphasizing that a good counter-cyclical macroeconomic policy has to start during booms to avoid the accumulation of unsustainable indebtedness, public or private, and, in the case of emerging and developing countries, of unsustainable external debt positions.