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

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

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by Olivier Blanchard, David Romer, Michael Spence, Joseph E. Stiglitz
     
 

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ISBN-10: 026201761X

ISBN-13: 9780262017619

Pub. Date: 02/24/2012

Publisher: MIT Press

In 2011, the International Monetary Fund invited prominent economists and economic policymakers 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

Overview

In 2011, the International Monetary Fund invited prominent economists and economic policymakers 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.

These top economists discuss future directions for monetary policy, fiscal policy,financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices.

ContributorsOlivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati,Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo,Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng,Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz,Adair Turner

Product Details

ISBN-13:
9780262017619
Publisher:
MIT Press
Publication date:
02/24/2012
Pages:
256
Product dimensions:
6.30(w) x 9.00(h) x 1.20(d)
Age Range:
18 Years

Table of Contents

Preface ix

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 7

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

3 Lessons for Monetary Policy Otmar Issing 25

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

II Fiscal Policy

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

5 Fiscal Stimuli and Consolidation Parthasarathi Shome 49

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

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

8 Fiscal Policy Robert Solow 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 83

10 Global Liquidity Hyun Song Shin 91

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

12 Process, Responsibility, and Myron's Law Paul Romer 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 129

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

15 Capital-Account Management: Key Issues Rakesh Mohan 137

16 The Case for Regulating Cross-Border Capital Flows José Antonio Ocampo 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 157

18 Is the Chinese Growth Model Replicable? Andrew Sheng 169

19 Growth in the Postcrisis World Michael Spence 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 191

21 The International Monetary System Olivier Jeanne 199

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

23 Liquidity and the International Monetary System Maurice Obstfeld 215

Concluding Remarks Olivier Blanchard 225

List of Contributors 229

Index 233

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In the Wake of the Crisis: Leading Economists Reassess Economic Policy 5 out of 5 based on 0 ratings. 2 reviews.
Tungbite2 More than 1 year ago
About time economists reexamined their profession! This is a good start, but more self-examination will be needed.
Anonymous More than 1 year ago
Top economists reexamine macroeconomics after the global financial crisis.