Description

Book Synopsis
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

Evolution or Revolution Rethinking Macroeconomic

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    A Hardback by Olivier Blanchard, Lawrence H. Summers

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      Publisher: MIT Press Ltd
      Publication Date: 16/04/2019
      ISBN13: 9780262039369, 978-0262039369
      ISBN10: 0262039362
      Also in:
      Macroeconomics

      Description

      Book Synopsis
      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

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