Evolution or revolution :rethinking macroeconomics after the Great recession

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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.OCLC-licensed vendor bibliographic record.

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Detail Information

Series Title

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Call Number

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Publisher

: .,

Collation

1 online resource (392 pages).

Language

English

ISBN/ISSN

9780262351270

Classification

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Content Type

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Media Type

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Carrier Type

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Edition

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Subject(s)

Economic policy.
Fiscal policy.
Macroeconomics.

Specific Detail Info

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Statement of Responsibility

edited by Olivier Blanchard and Lawrence H. Summers.

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