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What Have We Learned? Macroeconomic Policy After the Crisis

Editor

Listed:
  • George A. Akerlof
    ()

    (University of California, Berkeley)

  • Olivier Blanchard
    ()

    (Massachusetts Institute of Technology)

  • David Romer
    ()

    (University of California, Berkeley)

  • Joseph E. Stiglitz
    ()

    (Columbia University)

Abstract

Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume’s editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors--who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer--consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

Suggested Citation

  • George A. Akerlof & Olivier Blanchard & David Romer & Joseph E. Stiglitz (ed.), 2014. "What Have We Learned? Macroeconomic Policy After the Crisis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262027348, March.
  • Handle: RePEc:mtp:titles:0262027348
    as

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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. repec:bla:worlde:v:40:y:2017:i:2:p:314-335 is not listed on IDEAS
    2. Joerg Mayer, 2017. "How Could the South Respond to Secular Stagnation in the North?," The World Economy, Wiley Blackwell, vol. 40(2), pages 314-335, February.
    3. Fernando J. Cardim de Carvalho, 2017. "Brazil Still in Troubled Waters," Economics Public Policy Brief Archive ppb_143, Levy Economics Institute.
    4. Joseph E. Stiglitz, 2016. "The Theory of Credit and Macro-economic Stability," NBER Working Papers 22837, National Bureau of Economic Research, Inc.
    5. Fernando J. Cardim De Carvalho, 2016. "Looking into the abyss? Brazil at the mid-2010s," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(1), pages 93-114, January.
    6. repec:bis:bisbps:95 is not listed on IDEAS
    7. Joseph E. Stiglitz, 2017. "Macro-economic Management in an Electronic Credit/Financial System," NBER Working Papers 23032, National Bureau of Economic Research, Inc.
    8. Jakob Palek & Benjamin Schwanebeck, 2015. "Optimal Monetary and Macroprudential Policy in a Currency Union," MAGKS Papers on Economics 201522, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    9. repec:mes:ijpoec:v:43:y:2014:i:3:p:70-93 is not listed on IDEAS
    10. Cesar R. Van Der Laan & Marcos Tadeu C. Lélis & André Moreira Cunha, 2016. "External Capital Flows’ Management In The Great Recession: The Brazilian Experience (2007-2013)," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 035, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    11. André Kallåk Anundsen & Ragnar Nymoen, 2015. "Did US Consumers 'Save for a Rainy Day' Before the Great Recession?," CESifo Working Paper Series 5347, CESifo Group Munich.
    12. Arne Heise, 2014. "The Future of Economics in a Lakatos–Bourdieu Framework," International Journal of Political Economy, Taylor & Francis Journals, vol. 43(3), pages 70-93, July.
    13. repec:mtp:titles:0262037165 is not listed on IDEAS
    14. Stijn Claessens & M Ayhan Kose, 2017. "Asset prices and macroeconomic outcomes: a survey," BIS Working Papers 676, Bank for International Settlements.
    15. Martin Guzman & Jose Antonio Ocampo & Joseph E. Stiglitz, 2017. "Real Exchange Rate Policies for Economic Development," NBER Working Papers 23868, National Bureau of Economic Research, Inc.
    16. Stijn Claessens, 2015. "An Overview of Macroprudential Policy Tools," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 397-422, December.
    17. Jonathan Öztunc & Daniela Wech, 2017. "Macroprudential Policies – Motivation, Usage and Effectiveness," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(1), pages 56-59, 04.
    18. Gianfranco Zampese, 2017. "Taylor Rule and Financial Instability," BAFFI CAREFIN Working Papers 1757, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    19. repec:mes:postke:v:40:y:2017:i:2:p:203-222 is not listed on IDEAS
    20. repec:ces:ifodic:v:15:y:2017:i:1:p:19307506 is not listed on IDEAS

    More about this item

    Keywords

    macroeconomic policy;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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