Financial Crash, Commodity Prices, and Global Imbalances, By Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas
Making Sense of the Subprime Crisis, By Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen
The Central Role of Home Prices in the Current Financial Crisis: How Will the Market Clear? By Karl E. Case
Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn, By Jan Hatzius
Financial Regulation in a System Context, By Stephen Morris and Hyun Song Shin
The Unofficial Economy and Economic Development, By Rafael La Porta and Andrei Shleifer
The Real Exchange Rate and Economic Growth, By Dani Rodrik
Douglas W. Elmendorf is a senior fellow in the Economic Studies Program at the Brookings Institution. He previously served as a staff member at the Federal Reserve Board, Treasury Department, Council of Economic Advisers, and Congressional Budget Office. N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. From 2003 to 2005, he served as chairman of the Council of Economic Advisers. Lawrence H. Summers is the Charles W. Eliot University Professor at Harvard University. He served as president of Harvard from 2001 to 2006 and as secretary of the U. S. Treasury from 1999 to 2001. He is also a former chief economist with the World Bank.
- Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox Betsey Stevenson and JustinWolfers (University of Pennsylvania)
-Trade and Wages, Reconsidered Paul Krugman (Princeton University)
-The Economics of Place-Making Policies Edward Glaeser and Joshua Gottlieb (Harvard University)
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.
Viral V. Acharya, Anat R. Admati, Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti, Ricardo J. Caballero, Agustín 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, José Viñals, Paul A. Volcker