Progress and confusion
Subtitle: the state of macroeconomic policy
By: edited by Olivier Blanchard [and 3 others]
Publisher: The MIT Press
Published: 2016
Language: eng
Number of pages: 304
ISBN-13: 9780262034623; 9780262535991
Subjects: Economic policy; Macroeconomics; Monetary policy; Fiscal policy
Description: What will economic policy look like once the global financial crisis is finally over? Will it resume the precrisis consensus, or will it be forced to contend with a postcrisis "new normal"? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures--including Ben Bernanke, Robert Rubin, and Paul Volcker--offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention. The chapters address whether we have entered a "new normal" of low growth, negative real rates, and deflationary pressures, with contributors taking opposing views; whether new financial regulation has stemmed systemic risk; the effectiveness of macroprudential tools; monetary policy, the choice of inflation targets, and the responsibilities of central banks; fiscal policy, stimulus, and debt stabilization; the volatility of capital flows; and the international monetary and financial system, including the role of international policy coordination. In light of these discussions, is there progress or confusion regarding the future of macroeconomic policy? In the final chapter, volume editor Olivier Blanchard answers: both. Many lessons have been learned; however, as the chapters of the book reveal, there is no clear agreement on several key issues.--Dust jacket.
Notes: Includes bibliographical references and index.
Table of contents: title: A roadmap to "rethinking macro" / Olivier Blanchard and Rafael Portillo; title: Debt supercycle not secular stagnation / Kenneth Rogoff; title: Rethinking secular stagnation after seventeen months / Lawrence Summers; title: Systemic risk and financial regulation; title: A note from the session on systemic risk and financial regulation / Paul Volcker; title: A comparative analysis of finacial sector health in the United States, Europe, and Asia / Viral Acharya; title: Rethinking financial regulation : how confusions have prevented progress / Anat R. Admati; title: Systemic risk and financial regulation : where do we stand? / Philipp Hildebrand; title: Shadow banking as a source of systemic risk / Robert Rubin; title: Macroprudential policies : gathering evidence; title: Macroprudential policy regimes : definition and institutional implications / Paul Tucker; title: Macroprudential tools, their limits and their connection with monetary policy / Hyun Song Shin; title: A simple cost-benefit analysis of using monetary policy for financial-stability purposes / Lars E.O. Svensson; title: Monetary policy in the future; title: Introduction to the monetary policy section / Jos Vilals; title: Monetary policy in the future / Ben Bernanke; title: A monetary policy for the future / John Taylor; title: The credit surface and monetary policy / John Geanakoplos; title: Remarks on the future of monetary policy / Gill Marcus; title: Fiscal policy in the future; title: Fiscal policy for the 21st century : testing the limits of the tax state? / Vitor Gaspar; title: The future of fiscal policy / Martin Feldstein; title: What future for rules-based fiscal policy? / Marco Buti; title: On the proper size of the public sector and the level of public debt in the 21st / Century; title: Brad delong; title: Capital flows, exchange rate management, and capital controls; title: Floating exchange rates, self oriented policies, and limits to economic integration / Maurice Obstfeld; title: Some lessons of the global financial crisis from an eme and a Brazilian perspective / Luiz Pereira Da Silva; title: Capital inflows, exchange rate management and capital controls / Agustin Carstens; title: The international monetary and financial system; title: The international monetary and financial system : eliminating the blind spot / Jaime Caruana; title: Prospects and challenges for financial and macroeconomic policy coordination / Zeti Akhtar Aziz; title: Global safe asset shortage : the role of central banks / Ricardo Caballero; title: Going bust for growth / Raghuram Rajan; title: Conclusion; title: Rethinking macro policy : progress or confusion? / Olivier Blanchard; title: Contributors; title: Index.