Re-thinking in the approach to macroeconomic policy in the wake of the global economic crisis has generated a discussion on the need to adopt a more flexible approach and broaden the goals of monetary and fiscal policy. The aim of this study is to review the available evidence, and provide new evidence, to assess to what extent macroeconomic management (monetary, fiscal, exchange rate and capital account regimes) in the past has either helped or hindered the goal of attaining full and productive employment and suggest policy options for the future.