Tailoring a macroeconomic blueprint for new world settings

Since the crisis the relationship between output and inflation is just one dynamic that seems to have changed. To avoid another rupture, a macroeconomic rethink is required.


The global economic crisis has kept forcing policymakers and academics to rethink macroeconomic policy. First was the Lehman crisis, which showed how much they had underestimated the dangers posed by the financial system, and the limits of monetary policy. Then it was the euro crisis, which forced them to rethink the workings of currency unions, and fiscal policy. And, throughout, they have had to improvise, from the use of unconventional monetary policies, to the initial fiscal stimulus, to the speed of fiscal consolidation, to the use of macroprudential instruments.


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