## The IMF Annual Research Conference: Economics of Crises―Past Experiences and Present Travails _IMF Blog, November 1, 2013_ ## Source details **Canonical URL:** [The IMF Annual Research Conference: Economics of Crises―Past Experiences and Present Travails](https://www.imf.org/en/blogs/articles/2013/11/01/theimfannualresearchconferenceeconomicsofcrisese28095pastexperiencesandpresenttravails) ## Other formats - [Markdown version](/en/blogs/articles/2013/11/01/theimfannualresearchconferenceeconomicsofcrisese28095pastexperiencesandpresenttravails/index.md) - [Structured JSON version](/en/blogs/articles/2013/11/01/theimfannualresearchconferenceeconomicsofcrisese28095pastexperiencesandpresenttravails/index.json) - [Bundle manifest](/en/blogs/articles/2013/11/01/theimfannualresearchconferenceeconomicsofcrisese28095pastexperiencesandpresenttravails/bundle-manifest.json) ## Bibliographic details - Authors: Olivier Blanchard - Published: November 1, 2013 --- ### Conference purpose and context - Several years out from the global financial crisis, the world economy is still confronting its painful legacies: lackluster recoveries coupled with high and persistent unemployment. - Policymakers are tackling costs stemming from the crisis, managing the transition from crisis-era policies, and adapting to associated cross-border spillovers. - The IMF’s 14th Jacques Polak Annual Research Conference, entitled “Crises: Yesterday and Today,” will take stock of understanding of past and present crises and will take place on November 7-8. ### Honor to Stanley Fischer and conference framing - The 2013 conference will honor Stanley Fischer’s contributions to economic research and policy. - Stan’s roles cited: faculty at the Massachusetts Institute of Technology; Chief Economist of the World Bank; First Deputy Managing Director of the IMF; Governor of the Bank of Israel. - The program brings together economists and policymakers who studied or collaborated with Stan; his insights and influence are emphasized throughout the program. ### Keynote Mundell-Fleming lecture - Speaker: Paul Krugman, recipient of the 2008 Nobel Prize in Economics and a student of Stan. - Lecture title: “Currency Regimes, Capital Flows, and Crises.” - Main conclusion described: using theory and case study analysis, Krugman reaches a thought-provoking conclusion: it is not possible to have such crises of confidence in countries that retain their own currencies, borrow in those currencies, and let their exchange rates float. ### Major research questions and paper topics - Thirteen other papers will examine lessons from past crises and issues from policies implemented since 2008, including: - How Japan’s “lost decade” can inform prospects and appropriate policies for Europe and the United States today. - Why Latin America and East Asia were more resilient to the most recent crisis than to past episodes of global turbulence. - Empirical effects of policies during crises: depreciations, changes in interest rates, reserve sales, and capital controls. - How fiscal policy has behaved differently between the latest crisis and past episodes and implications for economic growth. - Whether it matters who sets goals of central banks for inflation outcomes. - If large demand shocks have persistent effects on aggregate supply, how monetary policy should respond. - Costs and benefits of having a higher inflation target or a nominal income target. - Implications of different exchange rate arrangements for macroeconomic and financial stability. ### Special events and speakers - Opening speech: David Lipton, First Deputy Managing Director of the IMF. - Luncheon speech (day 1): Mohamed El-Erian will speculate on what Stan Fischer would place on the institutional research agenda today and link discussion to prospects for the global economy and markets. - Luncheon remarks (day 2): Ratna Sahay and Karnit Flug will honor Stan Fischer’s contributions to policymaking at the IMF and the Bank of Israel. - Closing Economic Forum: “Policy Responses to Crises” chaired by Olivier Blanchard; panelists include Stan Fischer, Ben Bernanke, Ken Rogoff, and Larry Summers, discussing main policy lessons from past crises and readiness to handle the next potential crisis. ### Dissemination and follow-up - Many conference papers will be featured in the IMF Economic Review. - Participants and the public are invited to read papers posted online and to join via webcasts of the Mundell-Fleming Lecture and the Economic Forum at www.imf.org, on Twitter (#ARCPolak), or by commenting on the blog. *The IMF Annual Research Conference: Economics of Crises―Past Experiences and Present Travails (Olivier Blanchard, November 1, 2013).* --- ## Content in this bundle - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Chari.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Chari.pdf){rel="external" type="application/pdf"} - **Fourteenth Jacques Polak Annual Research Conference; Research Department, Imf; November 7–8, 2013** - [Fourteenth Jacques Polak Annual Research Conference; Research Department, Imf; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Deg.pdf.md){rel="alternate" type="text/markdown"} - [Fourteenth Jacques Polak Annual Research Conference; Research Department, Imf; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Deg.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/english.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/english.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Forbes.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Forbes.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Hoshi.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Hoshi.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Krugman.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Krugman.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Ostry.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Ostry.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Posen.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Posen.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Vegh.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Vegh.pdf){rel="external" type="application/pdf"} - **14th Jacques Polak Annual Research Conference; November 7–8, 2013** - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (Markdown version)](/external/np/res/seminars/2013/arc/pdf/Wilcox.pdf.md){rel="alternate" type="text/markdown"} - [14th Jacques Polak Annual Research Conference; November 7–8, 2013 (PDF)](/external/np/res/seminars/2013/arc/pdf/Wilcox.pdf){rel="external" type="application/pdf"} --- ## References - [“Crises: Yesterday and Today,”](http://www.imf.org/external/np/res/seminars/2013/arc/index.htm) - [Economic Forum on “Policy Responses to Crises.”](http://www.imf.org/external/np/res/seminars/2013/arc/index1.htm) - [www.imf.org](http://www.imf.org/) - [here](http://www.imf.org/external/pubs/ft/fandd/2013/09/people.htm) _Source: https://www.imf.org/en/blogs/articles/2013/11/01/theimfannualresearchconferenceeconomicsofcrisese28095pastexperiencesandpresenttravails_