International Monetary Fund

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Washington, DC, March 7 and 8, 2011

Macro and Growth Policies in the Wake of the Crisis


The following papers may prove useful background reading for the conference.


The website contains background readings for the conference on Macro and Growth Policies in the Wake of the Crisis. The views expressed in these papers are those of the authors only, and the presence of them, or links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

Session I. Monetary Policy

1. Borio, Claudio, and Philip Lowe (2002). "Asset Prices, Financial and Monetary Stability: Exploring the Nexus." Bank for International Settlements.

2. Cecchetti, Stephen G, Hans Genberg, and Sushil Wadhwani (2002). "Asset Prices in a Flexible Inflation Target Framework." NBER Working Paper 8970

3. Eggertsson, Gauti, and Michael Woodford (2003). "The Zero Bound on Interest Rates and Optimal Monetary Policy." Brookings Papers on Economic Activity.

4. Evan, Charles (2010). "Monetary Policy in a Low-Inflation Environment: Developing A State-Contingent Price Level Target." Federal Reserve Bank of Chicago.

5. White, William, and Claudio Borio (2004). "Whither Monetary and Financial Stability? the Implications of Evolving Policy Regimes." Bank of International Settlements

6. White, William R. (2009) "Should Monetary Policy “Lean or Clean”?” Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute. Working Paper No. 34

7. Williams, John C (2009). "Heeding Daedalus: Optimal Inflation and the Zero Lower Bound." Federal Reserve Bank of San Francisco Working Paper.

Session II. Fiscal Policy

1. Ostry, Jonathan et al (2010), “Fiscal Space” IMF Staff Position Note 2010/11

2. Spilimbergo, Antonio et al (2009) “Fiscal Policy for the Crisis” IMF Staff Position Note 2008/1

Session III. Financial Intermediation and Regulation

1. Crockett, Andrew (2011). "Learning the Lessons of the Crisis for Supervision." Better Supervision and Better Banking in a Post-Crisis Era. Kuala Lumpur.

2. Crockett, Andrew (2009). "Rebuilding the Financial Architecture: What Needs to Be Done to Strengthen Financial Regulation and Supervision?" Finance and Development.

3. French, Kenneth et al (2010). The Squam Lake Report: Fixing the Financial System.

4. Gorton, Gary, and Andrew Metrick (2010). "Regulating the Shadow Banking System." Brookings Papers on Economic Activity Fall Conference.

5. U.S. Treasury Department (2009). "A New Foundation: Rebuilding Financial Supervision and Regulation."

6. Vinals, Jose et al (2010). “Shaping the New Financial System”, IMF Staff Position Note

Session IV. Capital Account Management

1. Caballero, Ricardo J. and Guido Lorenzoni (2009), “Persistent Appreciations and Overshooting: A Normative Analysis” NBER Working Paper 13077

2. Forbes, Kristen (2007), “One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms”, Journal of International Economics, 2007, vol 71(2, April), pgs. 294-323.

3. Henry, Peter (2007). “Capital Account Liberalization: Theory, Evidence, and Speculation”, Journal of Economic Literature.

4. Ostry, Jonathan et al. (2010). “Capital Inflows: The Role of Controls”. IMF Staff Position Note

Session V. Growth Strategies

1. Caselli, Francesco and John Coleman (2006), “The World Technology Frontier”, American Economic Review, June

2. Jones, Charles I. (2010) "Intermediate Goods and Weak Links in the Theory of Economic Development", Forthcoming in the American Economic Journal: Macroeconomics.

Session VI . The International Monetary System

1. Crockett, Andrew (2010). "What Have We Learned in the Past 50 Years about the International Financial Architecture?" Conference Volume (2010). Reserve Bank of Australia.

2. Mateos y Lago, Isabelle et al. (2009) “The Debate on the International Monetary System”, IMF Staff Position Note No. 2009/26