In the wake of the crisis : : leading economists reassess economic policy / / edited by Olivier J. Blanchard, David Romer, Michael Spence and Joseph Stiglitz.

• Superior document: The MIT Press
• TeilnehmendeR: Blanchard, Olivier; Romer, David,; Spence, Michael, 1943-; Stiglitz, Joseph E.,
• Place / Publishing House: Cambridge, Massachusetts : : MIT Press,, [2012]; ©2012
• Year of Publication: 2012
• Language: English
• Series: The MIT Press
• Physical Description: 1 online resource (250 p.)
• Notes: Conference proceedings.

In 2011, the International Monetary Fund invited prominent economists and economic policy makers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. For instance, to what extent are financial markets efficient and self-correcting? How crucial is low and stable inflation for growth and the real stability of the economy? How strong is the case for open capital markets? Too often, the standard models provided insufficient guidance on how to respond to the unprecedented situations created by the crisis. As a result, policy makers have been forced to improvise. What to do when interest rates reach the zero floor? How best to provide liquidity to segmented financial institutions and markets? How much to use fiscal policy starting from high levels of debt? These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital account management, growth strategies, and the international monetary system, and the economic models that should underpin thinking about critical policy choices. Among the new realities they consider are the swing of the pendulum toward regulation; the need for new theoretical approaches, incorporating advances in agency theory, behavioral economics, and understanding of credit markets and finance based on theories of imperfect information; and the importance for macroeconomic policy to target not just inflation but also output and financial stability. This title is copublished with The MIT Press.

Table of Contents

Monetary policy -- Questions / Olivier Blanchard and David Romer -- Monetary policy in the wake of the crisis / Olivier Blanchard -- How should the crisis affect our views of monetary policy? / Guillermo Ortiz -- Lessons for monetary policy / Otmar Issing -- Macroeconomics, monetary policy, and the crisis / Joseph Stiglitz -- Fiscal policy -- Questions / Olivier Blanchard and David Romer -- Fiscal stimulii and consolidation / Partho Shome -- What have we learned about fiscal policy from the crisis? / David Romer -- Fiscal policy responses to economic crisis / Mulyani Indrawati -- Fiscal policy / Robert Solow -- Financial intermediation and regulation -- Questions / Blanchard and David Romer -- [ jacob frenkel; still to come] -- Financial crisis and financial intermediation / YV Reddy -- Global liquidity / yun Song Shin -- Measures of increasing financial intensity / Adair Turner -- Capital account management -- Questions / Olivier Blanchard and David Romer -- Notes on capital account management / Ricardo Caballero -- Remarks on capital account management / Arminio Fraga -- Capital account management / Rakesh Mohan -- The case for regulating cross-border capital flows / Jose Antonio Ocampo -- Growth strategies -- Questions / Olivier Blanchard and David Romer -- Comments on growth strategies / Dani Rodrik -- The dynamics of rules / Paul Romer -- Is the Chinese growth model replicable? / Andrew Sheng -- Growth in the post-crisis world / Michael Spence -- The international monetary system -- Overview / Olivier Blanchard and David Romer -- Cross-border banking and foreign currency swap lines / Gumundsson -- The international monetary system / Olivier Jeanne -- International monetary system reform : a practical agenda / Charles Collyns -- The international monetary system / Maurice Obstfeld -- Concluding remarks / Olivier Blanchard -- Bibliographical references -- Index.