Evolution or Revolution Rethinking Macroeconomic Policy after the Great Recession 1st editon by Olivier Blanchard, Lawrence Summers ISBN 0262039362 9780262039369

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ISBN 10: 0262039362
ISBN 13: 9780262039369
Author: Olivier Blanchard, Lawrence H. Summers

Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution?  Will it?  If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics.  The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers

Evolution or Revolution Rethinking Macroeconomic Policy after the Great Recession 1st Table of contents:

I Monetary Policy

1: Monetary Policy in a New Era

2: Rethinking Monetary Policy in a New Normal

3: Postcrisis Monetary Policy from the Perspective of Small Open Economies

4: Monetary Policy in the Wake of the Crisis

5: Historical Lessons from the Euro Area Crisis for Monetary Policy

II Fiscal Policy

6: Fiscal Policy

7: Adverse Effects of Unsound Fiscal Policies: The U.S. Example

8: Fiscal Policy in the European Economic and Monetary Union: An Evolving View

9: Fiscal Policy: Tax and Spending Multipliers in the United States

10: Rethinking Fiscal Policy

III Financial Policy

11: Rethinking Financial Stability

12: The Role of Monetary Policy in Guaranteeing Financial Stability

13: The Known Unknowns of Financial Regulation

14: Financial Stability and Macroprudential Policies

15: Some Thoughts on the Merits of Multipolar Regulation

IV Inequality and Political Economy

16: Should Policymakers Care Whether Inequality Is Helpful or Harmful for Growth?

17: Policy, Inequality, and Growth

18: Absolute Mobility Matters, Too: Regenerating People and Cities

19: Rethinking International Macroeconomic Policy

20: The Difficulty of Separation

21: Some Fac

V International Economy Issuestors Shaping the International Financial Landscape of the Future

22: Dollar Pricing in International Trade and Finance

23: The Triffin Dilemma, Chinese Opacity, and Capital Mobility: Concluding Remarks on International 

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