Rent 9780262017619 | In the Wake of the Crisis : Leading Economists Reassess Economic Policy | Blanchard, Olivier J.; Romer, David; Spence, Michael; Stiglitz, Joseph E. @knetbooks.com

Summary Table of Contents

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.

Preface	p. ix
Monetary Policy
Questions: How Should the Crisis Affect Our Views of Monetary Policy?	p. 3
Monetary Policy in the Wake of the Crisis	p. 7
Conventional Wisdom Challenged? Monetary Policy after the Crisis	p. 15
Lessons for Monetary Policy	p. 25
Macroeconomics, Monetary Policy, and the Crisis	p. 31
Fiscal Policy
Question... MORE	p. 45
Fiscal Stimuli and Consolidation	p. 49
What Have We Learned about Fiscal Policy from the Crisis?	p. 57
Fiscal Policy Responses to Economic Crisis: Perspectives from an Emerging Market	p. 67
Fiscal Policy	p. 73
Financial Intermediation and Regulation
Questions: How Should the Crisis Affect Our Views about Financial Intermediation and Regulation?	p. 79
Financial Crisis and Financial Intermediation: Asking Different Questions	p. 83
Global Liquidity	p. 91
Optimal Financial Intermediation: Why More Isn't Always Better	p. 101
Process, Responsibility, and Myron's Law	p. 111
Capital-Account Management
Questions: How Should the Crisis Affect Our Views of Capital-Account Management?	p. 127
Notes on Capital-Account Management	p. 129
Remarks on Capital-Account Management and Other Macropolicy Topics	p. 133
Capital-Account Management: Key Issues	p. 137
The Case for Regulating Cross-Border Capital Flows	p. 145
Growth Strategies
Questions: How Should the Crisis Affect Our Views of Growth and Growth Strategies?	p. 153
Do We Need to Rethink Growth Policies?	p. 157
Is the Chinese Growth Model Replicable?	p. 169
Growth in the Postcrisis World	p. 175
The International Monetary System
Questions: How Should the Crisis Affect Our Views of the International Monetary System?	p. 187
The Implications of Cross-Border Banking and Foreign-Currency Swap Lines for the International Monetary System	p. 191
The International Monetary System	p. 199
International Monetary System Reform: A Practical Agenda	p. 209
Liquidity and the International Monetary System	p. 215
Concluding Remarks	p. 225
List of Contributors	p. 229
Index	p. 233
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