In the wake of the crisis : leading economists reassess economic policy / edited by Olivier J. Blanchard, David Romer, Michael Spence and Joseph Stiglitz.

Format:

Book

Contributor:

Blanchard, Olivier (Olivier J.), editor.

Romer, David, editor.

Spence, Michael, 1943- editor.

Stiglitz, Joseph E., editor.

Language:

English

Subjects (All):

Global Financial Crisis, 2008-2009--Congresses.

Global Financial Crisis, 2008-2009.

Fiscal policy--Congresses.

Fiscal policy.

Monetary policy--Congresses.

Monetary policy.

Economic development--Congresses.

Economic development.

Genre:

Conference papers and proceedings.

Physical Description:

1 online resource (x, 239 pages) : illustrations

Place of Publication:

Cambridge, Massachusetts : MIT Press, [2012]

System Details:

text file

Summary:

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. This title is copublished with The MIT Press.

Contents:

I Monetary Policy

Questions: How Should the Crisis Affect Our Views of Monetary Policy? 3

1 Monetary Policy in the Wake of the Crisis / Olivier Blanchard Blanchard, Olivier 7

2 Conventional Wisdom Challenged? Monetary Policy after the Crisis / Guillermo Ortiz Ortiz, Guillermo 15

3 Lessons for Monetary Policy / Otmar Issing Issing, Otmar 25

4 Macroeconomics, Monetary Policy, and the Crisis / Joseph Stiglitz Stiglitz, Joseph 31

II Fiscal Policy

Questions: How Should the Crisis Affect Our Views of Fiscal Policy? 45

5 Fiscal Stimuli and Consolidation / Parthasarathi Shome Shome, Parthasarathi 49

6 What Have We Learned about Fiscal Policy from the Crisis? / David Romer Romer, David 57

7 Fiscal Policy Responses to Economic Crisis: Perspectives from an Emerging Market / Sri Mulyani Indrawati Indrawati, Sri Mulyani 67

8 Fiscal Policy / Robert Solow Solow, Robert 73

III Financial Intermediation and Regulation

Questions: How Should the Crisis Affect Our Views about Financial Intermediation and Regulation? 79

9 Financial Crisis and Financial Intermediation: Asking Different Questions / Y. V. Reddy Reddy, Y. V. 83

10 Global Liquidity / Hyun Song Shin Shin, Hyun Song 91

11 Optimal Financial Intermediation: Why More Isn't Always Better / Adair Turner Turner, Adair 101

12 Process, Responsibility, and Myron's Law / Paul Romer Romer, Paul 111

IV Capital-Account Management

Questions: How Should the Crisis Affect Our Views of Capital-Account Management? 127

13 Notes on Capital-Account Management / Ricardo Caballero Caballero, Ricardo 129

14 Remarks on Capital-Account Management and Other Macropolicy Topics / Arminio Fraga Fraga, Arminio 133

15 Capital-Account Management: Key Issues / Rakesh Mohan Mohan, Rakesh 137

16 The Case for Regulating Cross-Border Capital Flows / José Antonio Ocampo Ocampo, José Antonio 145

V Growth Strategies

Questions: How Should the Crisis Affect Our Views of Growth and Growth Strategies? 153

17 Do We Need to Rethink Growth Policies? / Dani Rodrik Rodrik, Dani 157

18 Is the Chinese Growth Model Replicable? / Andrew Sheng Sheng, Andrew 169

19 Growth in the Postcrisis World / Michael Spence Spence, Michael 175

VI The International Monetary System

Questions: How Should the Crisis Affect Our Views of the International Monetary System? 187

20 The Implications of Cross-Border Banking and Foreign-Currency Swap Lines for the International Monetary System / Már Gu∂mundsson Gu∂mundsson, Már 191

21 The International Monetary System / Olivier Jeanne Jeanne, Olivier 199

22 International Monetary System Reform: A Practical Agenda / Charles Collyns Collyns, Charles 209

23 Liquidity and the International Monetary System / Maurice Obstfeld Obstfeld, Maurice 215.

Notes:

Conference proceedings.

OCLC-licensed vendor bibliographic record.

ISBN:

9780262301831

0262301830

9781280499203

1280499206

OCLC:

778565043

Publisher Number:

9786613594433

Access Restriction:

Open Access Unrestricted online access