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International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond

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  • Pierre Olivier Gourinchas

    (International Monetary Fund
    CEPR)

Abstract

This Mundell–Fleming lecture reviews some of the main developments in international macroeconomics since the early 2000s. It highlights four important areas of progress: (a) on international pricing and invoicing; (b) on sectoral trade and production networks; (c) on the cross-border allocation of capital and the role of global financial intermediaries; (d) on cross-border externalities and prudential policies. It then explores three specific questions, relevant for future research and policy: (a) the implementation of optimal prudential policy via ‘basis control;’ (b) recent developments about the US external balance sheet and its ‘exorbitant privilege;’ and (c) the reform of the International Financial and Monetary System.

Suggested Citation

  • Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    • Handle: RePEc:pal:imfecr:v:71:y:2023:i:1:d:10.1057_s41308-022-00171-x
    DOI: 10.1057/s41308-022-00171-x
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    Cited by:

    1. Linda S. Goldberg, 2022. "Global Liquidity: Drivers, Volatility and Toolkits," Speech 95155, Federal Reserve Bank of New York.
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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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