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In the Wake of the Crisis: Leading Economists Reassess Economic Policy

Editor

Listed:
  • Blanchard, Olivier J.
    ()

    (International Monetary Fund)

  • Romer, David
    ()

    (University of California, Berkeley)

  • Spence, Michael
    ()

    (Stanford University’s Graduate School of Business)

  • Stiglitz, Joseph E.
    ()

    (Columbia University)

Abstract

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.

Suggested Citation

  • Blanchard, Olivier J. & Romer, David & Spence, Michael & Stiglitz, Joseph E. (ed.), 2012. "In the Wake of the Crisis: Leading Economists Reassess Economic Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 026201761x, January.
  • Handle: RePEc:mtp:titles:026201761x
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    Citations

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    Cited by:

    1. Gordon L. Clark, 2014. "Information, knowledge, and investing in offshore financial markets," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(4), pages 299-320, October.
    2. Fabian Gunzinger & Jan-Egbert Sturm, 2016. "It's Politics, Stupid! Political Constraints Determined Governments' Reactions to the Great Recession," Kyklos, Wiley Blackwell, vol. 69(4), pages 584-603, November.
    3. repec:eee:tefoso:v:123:y:2017:i:c:p:95-107 is not listed on IDEAS
    4. repec:kap:compec:v:50:y:2017:i:3:d:10.1007_s10614-016-9591-2 is not listed on IDEAS
    5. Joeri Schasfoort & Antoine Godin & Dirk Bezemer & Alessandro Caiani & Stephen Kinsella, 2017. "Monetary Policy Transmission In A Macroeconomic Agent-Based Model," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 20(08), pages 1-35, December.
    6. Ben R. Martin, 2016. "Twenty challenges for innovation studies," Science and Public Policy, Oxford University Press, vol. 43(3), pages 432-450.
    7. repec:mtp:titles:0262037165 is not listed on IDEAS
    8. Islam, Iyanatul. & Ahmed, Ishraq. & Roy, Rathin. & Ramos, Raquel., 2012. "Macroeconomic policy advice and the Article IV consultations a development perspective," ILO Working Papers 994783713402676, International Labour Organization.
    9. Stijn Claessens & M Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: a survey," BIS Working Papers 676, Bank for International Settlements.
    10. Klingelhöfer, Jan & Sun, Rongrong, 2017. "Macroprudential Policy, Central Banks and Financial Stability: Evidence from China," MPRA Paper 79033, University Library of Munich, Germany.
    11. Krammer, Sorin M.S., 2015. "Science, technology and innovation for economic competitiveness: the role of smart specialization in less-developed countries," MPRA Paper 80203, University Library of Munich, Germany.
    12. Chiara Piovani & Nursel Aydiner-Avsar, 2015. "The 2008/09 Economic Crisis: The Impact on Psychological Well-Being in the USA," Forum for Social Economics, Taylor & Francis Journals, vol. 44(1), pages 18-45, April.
    13. Joseph E. Stiglitz, 2016. "The state, the market, and development," WIDER Working Paper Series 001, World Institute for Development Economic Research (UNU-WIDER).
    14. Jaqueson K. Galimberti & Nicolas Suhadolnik & Sergio Silva, 2017. "Cowboying Stock Market Herds with Robot Traders," Computational Economics, Springer;Society for Computational Economics, vol. 50(3), pages 393-423, October.
    15. Pierre Fortin, 2016. "A Stable 4% Inflation Could Get Canadians One Half Million More Jobs," Cahiers de recherche 1604, CIRPEE.
    16. Joshua K. Hausman & Johannes F. Wieland, 2015. "Overcoming the Lost Decades? Abenomics after Three Years," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(2 (Fall)), pages 385-431.

    More about this item

    Keywords

    economic policy; financial markets; regulation;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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