International Monetary Fund

Search
Please send us your feedback

Washington, DC, March 7 and 8, 2011

Macro and Growth Policies in the Wake of the Crisis

IMF Hosted a Conference on Macro and Growth Policies in the Wake of the Crisis

A conference on the theme “Macro and Growth Policies in the Wake of the Crisis” took place at the IMF’s Headquarters in Washington, DC on March 7-8. The conference was hosted by four of the world’s most noted economists, including two Nobel laureates: Michael Spence (Stanford University), Joseph Stiglitz (Columbia University), Olivier Blanchard (Economic Counselor and Director of Research at the IMF), and David Romer (University of California, Berkeley). The event brought together leading policymakers and academics from both advanced and emerging countries, as well as representatives from civil society, the private sector, and the media. The conference was by invitation only. But the proceedings were webcast live, at this site.

The aim of the conference was to distill the policy lessons of the global financial crisis. Participants focused on six key areas: monetary policy, fiscal policy, financial intermediation and regulation, capital account management, growth strategies, and the international monetary system. They also seeked to make concrete policy recommendations for how to revive sustainable growth while safeguarding macroeconomic and financial stability.

"The crisis has clearly shown both the limits of markets and the limits of government intervention. It is time to take stock, and draw a first set of lessons. Given the IMF’s mandate to advise its 187 member countries on economic and financial policies, it needs to be at the forefront of this effort. I look forward to this important conference."

--Olivier Blanchard

Introductory video by Olivier Blanchard

Program

IMF Headquarters 2
Conference Hall 1
March 7, 2011

“Conference is by invitation only, but it will be webcast live here”

7:45–8:45am Registration/Continental Breakfast
8:45–9:00am Opening remarks: Dominique Strauss-Kahn
Watch the video
9:00–10:30am SESSION I: Monetary Policy
Watch the video

Chair
Adam Posen


Discussants

Olivier Blanchard
Olivier Blanchard PresentationMonetary Policy in the Wake of the Crisis
Olivier Blanchard PresentationMonetary Policy in the Wake of the Crisis

Guillermo Ortiz
Guillermo Ortiz PresentationComments on Inflation Targeting, Financial Stability and Monetary and Fiscal Policies
Guillermo Ortiz PapersHow should the crisis affect our views of monetary policy?

Otmar Issing
Otmar Issing PresentationLessons for Monetary Policy: What should be Consensus?
Otmar Issing PresentationLessons for Monetary Policy

Joseph Stiglitz
Joseph Stiglitz PresentationMacroeconomics, Monetary Policy and the Crisis

10:30–11:00am Coffee break
11:00–12:30pm SESSION II: Fiscal Policy
Watch the video

Chair
Kemal Dervis


Discussants

Partho Shome
Partho Shome PresentationFiscal Stimulii and Consolidation: Recent Examples
Partho Shome PresentationFiscal Stimulii and Consolidation

David Romer
David  Romer PresentationWhat Have We Learned About Fiscal Policy From the Crisis?
David  Romer PresentationWhat Have We Learned About Fiscal Policy From the Crisis?

Sri Mulyani Indrawati
Sri Mulyani Indrawati PresentationFiscal Policy Responses to Economic Crisis: Perspectives from an Emerging Market

Robert Solow
Robert Solow PresentationIMF Talk

12:30–2:00pm Luncheon,
“Address by
John Lipsky, First Deputy Managing Director, International Monetary Fund”
Watch the video
2:00–3:30pm SESSION III: Financial Intermediation and Regulation
Watch the video

Chair
Antonio Borges


Discussants

Jacob A. Frenkel

Y. Venugopal Reddy
Y. Venugopal Reddy PapersFinancial Crisis and Financial Intermediation – Asking Different Questions

Hyun Song Shin
Hyun Song Shin PresentationGlobal Liquidity
Hyun Song Shin PapersGlobal Liquidity

Adair Turner
Adair Turner PresentationMeasures of increasing financial intensity
Adair Turner PapersHow should the crisis affect our views about financial intermediation?

3:30–4:00pm Coffee Break
4:00–5:30pm SESSION IV: Capital Account Management
Watch the video

Chair
Zanny Minton-Beddoes


Discussants

Ricardo Caballero
Ricardo Caballero PresentationNotes on Capital Account Management

Arminio Fraga
Arminio Fraga PresentationRemarks on Capital Account Management and other Macro Policy Topics

Rakesh Mohan
Rakesh Mohan PresentationIMF Macro Conference

José Antonio Ocampo
José Antonio Ocampo PresentationThe Case for Regulating Cross-Border Capital Flows