Leading economists consider the shape of future economic policy:
will it resume the pre-crisis consensus, or contend with the
post-crisis "new normal"? What will economic policy look like once
the global financial crisis is finally over? Will it resume the
pre-crisis consensus, or will it be forced to contend with a
post-crisis "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, John Taylor, 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 macro
prudential 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; but, as
the chapters of the book reveal, there is no clear agreement on
several key issues. Contributors Viral V. Acharya, Anat R. Admati,
Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti,
Ricardo J. Caballero, Agustin Carstens, Jaime Caruana, J. Bradford
DeLong, Martin Feldstein, Vitor Gaspar, John Geanakoplos, Philipp
Hildebrand, Gill Marcus, Maurice Obstfeld, Luiz Awazu Pereira da
Silva, Rafael Portillo, Raghuram Rajan, Kenneth Rogoff, Robert E.
Rubin, Lawrence H. Summers, Hyun Song Shin, Lars E. O. Svensson,
John B. Taylor, Paul Tucker, Jose Vinals, Paul A. Volcker
General
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