E-grāmata: In the Wake of the Crisis

Contains the findings and discussions from a 2011 International Monetary Fund conference on the post-crisis global economy.

In 2011, the International Monetary Fund invited prominent economists and economicpolicy makers to consider the brave new world of the post-crisis global economy. The result is abook that captures the state of macroeconomic thinking at a transformationalmoment.

The crisis and the weak recovery that has followed raise fundamentalquestions concerning macroeconomics and economic policy. For instance, to what extent are financialmarkets efficient and self-correcting? How crucial is low and stable inflation for growth and thereal stability of the economy? How strong is the case for open capital markets? Too often, thestandard models provided insufficient guidance on how to respond to the unprecedented situationscreated by the crisis. As a result, policy makers have been forced to improvise. What to do wheninterest rates reach the zero floor? How best to provide liquidity to segmented financialinstitutions and markets? How much to use fiscal policy starting from high levels of debt?

These top economists discuss future directions for monetary policy, fiscalpolicy, financial regulation, capital account management, growth strategies, and the internationalmonetary system, and the economic models that should underpin thinking about critical policychoices. Among the new realities they consider are the swing of the pendulum toward regulation; theneed 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 theimportance for macroeconomic policy to target not just inflation but also output and financialstability.