Oliver's insights

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23 August 2016

The great policy rotation – refocussing from monetary policy to fiscal policy. Implications for investors.
Key points - A combination of the limitations of monetary policy, a fall in the natural rate of interest and rising inequality are contributing to a debate about how best to do monetary policy and a shift to a greater reliance on fiscal policy. - For investors, this is likely to mean that the best has been seen for bond yields but that higher nominal growth could help growth assets.   Introduction For the last two decades, advanced country central  banks have been focussed on price stability and have played the first line of defence in stabilising the economic cycle whereas fiscal policy has played back  up, focussing more on fairness and efficiency. This same appro
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About Oliver's Insights

Oliver's Insights is a regular update from Dr Shane Oliver, Head of Investment Strategy and Chief Economist, AMP Capital.

In Oliver's Insights, Dr Shane Oliver explores the latest issues regarding financial markets and the economy.


Who is Dr Shane Oliver?

Dr Shane Oliver joined AMP in 1984 as a research officer and in 1994 became AMP's Chief Economist. He now plays a major role in determining AMP Capital's investment strategy and asset allocation. He also provides economic forecasts and analysis to the asset class portfolio managers. As chief economist, he maintains a media profile for AMP Capital on economic and investment market issues.


What you need to know

Any advice on this page is provided by AMP Capital Investors Limited, ABN 59 001 777 591 and AFSL 232497. We can be contacted by telephoning 133 888 or you may send us an e-mail to askamp@amp.com.au. The advice is not based on your personal objectives, financial situation or needs. Accordingly you should consider how appropriate the advice is to those objectives, financial situation and needs before acting on the advice and, before buying any financial product, you should read the current customer brochure or product disclosure statement. We are part of the AMP Group of companies. However no remuneration or financial benefits are paid to us or our related companies or associates in relation to the advice provided on this page.