Progress and Confusion: The State of Macroeconomic Policy
Progress and Confusion: The State of Macroeconomic Policy
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Abstract
In April of 2015, the International Monetary Fund gathered leading academic economists and policymakers, to discuss the shape of future macroeconomic policy. This book presents their combined insights. The chapters of the book address the policy debate in a number of areas: (i) whether the global economy has entered a “new normal” of low growth, negative real interest rates, and deflationary pressures; (ii) whether new financial regulations have helped stem systemic risk; (iii) the effectiveness of macro prudential tools; (iv) the future of monetary policy and whether it will revert to pre-crisis frameworks; (v) the future of fiscal policy and the balance between macro stabilization and debt sustainability; (vi) the volatility of international capital flows and the scope for exchange rate management and capital controls; and (vii) the international monetary system and the role of international policy coordination. In the final chapter, volume editor Olivier Blanchard asks whether there is progress or confusion regarding the future of macroeconomic policy. The answer is both. Many lessons have been learned; however, there is no clear agreement on several key issues.
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Front Matter
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1
A Road Map to “Progress and Confusion”
Olivier Blanchard andRafael Portillo
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The “New Normal”
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Systemic Risk and Financial Regulation
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4
A Note from the Session on Systemic Risk and Financial Regulation
Paul A. Volcker
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5
A Comparative Analysis of Financial Sector Health in the United States, Europe, and Asia
Viral V. Acharya
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6
Rethinking Financial Regulation: How Confusion Has Prevented Progress
Anat R. Admati
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7
Systemic Risk and Financial Regulation: Where Do We Stand?
Philipp Hildebrand
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8
Shadow Banking as a Source of Systemic Risk
Robert E. Rubin
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4
A Note from the Session on Systemic Risk and Financial Regulation
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Macroprudential Policies: Gathering Evidence
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Monetary Policy in the Future
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Fiscal Policy in the Future
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17
Fiscal Policy for the Twenty-First Century: Testing the Limits of the Tax State?
Vitor Gaspar
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18
The Future of Fiscal Policy
Martin Feldstein
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19
What Future for Rules-Based Fiscal Policy?
Marco Buti
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20
On the Proper Size of the Public Sector and the Level of Public Debt in the Twenty-First Century
J. Bradford DeLong
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17
Fiscal Policy for the Twenty-First Century: Testing the Limits of the Tax State?
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Capital Flows, Exchange Rate Management, and Capital Controls
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21
Floating Exchange Rates, Self-Oriented Policies, and Limits to Economic Integration
Maurice Obstfeld
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22
Some Lessons of the Global Financial Crisis from an EME and a Brazilian Perspective
Luiz Awazu Pereira da Silva
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23
Capital Inflows, Exchange Rate Management, and Capital Controls
Agustín Carstens
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21
Floating Exchange Rates, Self-Oriented Policies, and Limits to Economic Integration
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The International Monetary and Financial System
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24
The International Monetary and Financial System: Eliminating the Blind Spot
Jaime Caruana
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25
Prospects and Challenges for Financial and Macroeconomic Policy Coordination
Zeti Akhtar Aziz
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26
Global Safe Asset Shortage: The Role of Central Banks
Ricardo J. Caballero
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27
Going Bust for Growth
Raghuram Rajan
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24
The International Monetary and Financial System: Eliminating the Blind Spot
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Conclusion
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End Matter
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