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Progress and Confusion – The State of Macroeconomic Policy - MIT Press Scholarship Online
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Progress and Confusion: The State of Macroeconomic Policy

Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers


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-cri ... More

Keywords: macroeconomic policy, rethinking, new normal, financial regulation, macroprudential policy, monetary policy, fiscal policy, capital flows, international monetary system

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9780262034623
Published to MIT Press Scholarship Online: January 2017 DOI:10.7551/mitpress/9780262034623.001.0001


Affiliations are at time of print publication.

Olivier Blanchard, editor

Raghuram G. Rajan, editor

Kenneth S. Rogoff, editor

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Front Matter

1 A Road Map to “Progress and Confusion”

Olivier Blanchard and Rafael Portillo

The “New Normal”

Systemic Risk and Financial Regulation

Macroprudential Policies: Gathering Evidence

Monetary Policy in the Future

Fiscal Policy in the Future

Capital Flows, Exchange Rate Management, and Capital Controls

The International Monetary and Financial System

27 Going Bust for Growth

Raghuram Rajan