Preventing The Next Catastrophe: Where Do We Stand?

2017-04-15T13:35:59-04:00May 3, 2013|

David RomerGuest post by David Romer
University of California, Berkeley, and co-host of Rethinking Macro II: First Steps and Early Lessons

(Versions in 中文, 日本語, and Русский)

As I listened to the presentations and discussions, I found myself thinking about the conference from two perspectives. One is intellectual: Are we asking provocative questions? Are interesting ideas being proposed? Are we talking about important issues? By that standard, the conference was very successful: the discussion was extremely stimulating, and […]

Rethinking Economic Principles: Join the Debate

2017-04-15T14:24:44-04:00May 2, 2011|

The global financial crisis caused hardship and suffering all over the world. To prevent a repeat, we need to rethink… "… what we know about economic theory …. We need to rethink, following this, the policies … coming from the analytical work. And then we will need also to rethink multilateralism." IMF Managing Director Dominique Straus-Kahn (April, 2011) A wholesale reexamination of macroeconomic principles in the wake of the crisis was the goal of a conference at the IMF in early March. But, for Olivier Blanchard and others, the conference was merely “the beginning of a conversation, the beginning of an exploration.” Here is our list of recommended reads to help you be part of the conversation.

Rewriting the Macroeconomists’ Playbook in the Wake of the Crisis

2017-04-15T14:28:03-04:00March 4, 2011|

Before the global economic crisis, mainstream macroeconomists had largely converged on a framework for the conduct of macroeconomic policy. The framework was elegant and conceptually simple, and it seemed to work. From the early 1980s on, macroeconomic fluctuations were increasingly muted, and the period became known as the “Great Moderation”. Then the crisis came. If nothing else, it forces us to do a wholesale reexamination of those principles. This raises questions that will keep us busy for years to come. To start exploring the answers, David Romer, Michael Spence, Joseph Stiglitz, and I have organized a conference at the IMF on March 7-8. Here are some ideas to get the conversation started.
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