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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.
Table of Contents
Questions: How Should the Crisis Affect Our Views of Monetary Policy?
Monetary Policy in the Wake of the Crisis
Conventional Wisdom Challenged? Monetary Policy after the Crisis
Lessons for Monetary Policy
Macroeconomics, Monetary Policy, and the Crisis
Questions: How Should the Crisis Affect Our Views of Fiscal Policy?
Fiscal Stimuli and Consolidation
What Have We Learned about Fiscal Policy from the Crisis?
Fiscal Policy Responses to Economic Crisis: Perspectives from an Emerging Market
Financial Intermediation and Regulation
Questions: How Should the Crisis Affect Our Views about Financial Intermediation and Regulation?
Financial Crisis and Financial Intermediation: Asking Different Questions
Optimal Financial Intermediation: Why More Isn't Always Better
Process, Responsibility, and Myron's Law
Questions: How Should the Crisis Affect Our Views of Capital-Account Management?
Notes on Capital-Account Management
Remarks on Capital-Account Management and Other Macropolicy Topics
Capital-Account Management: Key Issues
The Case for Regulating Cross-Border Capital Flows
Questions: How Should the Crisis Affect Our Views of Growth and Growth Strategies?
Do We Need to Rethink Growth Policies?
Is the Chinese Growth Model Replicable?
Growth in the Postcrisis World
The International Monetary System
Questions: How Should the Crisis Affect Our Views of the International Monetary System?
The Implications of Cross-Border Banking and Foreign-Currency Swap Lines for the International Monetary System
The International Monetary System
International Monetary System Reform: A Practical Agenda
Liquidity and the International Monetary System
List of Contributors
Table of Contents provided by Ingram. All Rights Reserved.