{
  "title": "What Have We Learned? Macroeconomic Policy After the Crisis",
  "publication": "Books, May 20, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/books/issues/2016/12/31/what-have-we-learned-macroeconomic-policy-after-the-crisis-40626",
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  "summary": "<p>Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Since 2008, economic policymakers and researchers have faced a reconfigured economic environment in which previous consensuses have been upended and former assumptions cast into doubt.\n- The book compiles insights from leading economists and policymakers convened by the International Monetary Fund in April 2013 to discuss emerging macroeconomic contours after the crisis.\n- George Akerlof, Nobel Laureate and one of the volume’s editors, uses the analogy of \"a cat stuck in a tree, afraid to move\" to describe the crisis’s effects on behavior and decision-making."
    },
    {
      "heading": "Major themes and substantive findings",
      "content": "- Reassessment of traditional policy focus:\n  - Post-crisis questions about the traditional policy focus on inflation and the implications for monetary frameworks.\n- Macroprudential policy:\n  - Examination of macroprudential tools that focus on the stability of the entire financial system rather than individual firms, and their effectiveness.\n- Fiscal policy and public debt:\n  - Discussion of fiscal stimulus, public debt, and fiscal consolidation choices in the aftermath of the crisis.\n- Exchange rate arrangements:\n  - Consideration of exchange rate arrangements as part of the macroeconomic policy toolkit.\n- Broader research and policy implications:\n  - Policymakers have been forced to improvise; researchers have been prompted to rethink basic theory.\n  - The volume offers combined insights from the April 2013 IMF meeting on how macroeconomic policy might evolve."
    },
    {
      "heading": "Policy recommendations and discussion points (as presented)",
      "content": "- Re-evaluate reliance on inflation as the sole or primary stabilization target in light of crisis-era dynamics.\n- Assess the role and effectiveness of macroprudential tools for system-wide financial stability.\n- Balance the short-term benefits of fiscal stimulus against medium-term public debt and consolidation needs.\n- Reconsider exchange rate arrangements within a broader set of macroeconomic policy responses."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Pages: 369\n- Publication date on landing page: May 20, 2014\n- DOI: https://doi.org/10.5089/9780262027342.071\n- ISBN: 9780262027342\n- Stock No: RMCPEA\n\nSource: What Have We Learned? Macroeconomic Policy After the Crisis — International Monetary Fund. Canonical URL: https://www.imf.org/en/publications/books/issues/2016/12/31/what-have-we-learned-macroeconomic-policy-after-the-crisis-40626\n\n---\n\n\nSource: https://www.imf.org/en/publications/books/issues/2016/12/31/what-have-we-learned-macroeconomic-policy-after-the-crisis-40626"
    }
  ],
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    "Published: May 20, 2014",
    "Series: Books",
    "DOI: https://doi.org/10.5089/9780262027342.071",
    "Since 2008, economic policymakers and researchers have faced a reconfigured economic environment in which previous consensuses have been upended and former assumptions cast into doubt.",
    "The book compiles insights from leading economists and policymakers convened by the International Monetary Fund in April 2013 to discuss emerging macroeconomic contours after the crisis.",
    "George Akerlof, Nobel Laureate and one of the volume’s editors, uses the analogy of \"a cat stuck in a tree, afraid to move\" to describe the crisis’s effects on behavior and decision-making.",
    "Reassessment of traditional policy focus:",
    "Macroprudential policy:",
    "Fiscal policy and public debt:",
    "Exchange rate arrangements:",
    "Broader research and policy implications:",
    "Re-evaluate reliance on inflation as the sole or primary stabilization target in light of crisis-era dynamics.",
    "Assess the role and effectiveness of macroprudential tools for system-wide financial stability.",
    "Balance the short-term benefits of fiscal stimulus against medium-term public debt and consolidation needs.",
    "Reconsider exchange rate arrangements within a broader set of macroeconomic policy responses.",
    "Pages: 369",
    "Publication date on landing page: May 20, 2014",
    "DOI: https://doi.org/10.5089/9780262027342.071",
    "ISBN: 9780262027342",
    "Stock No: RMCPEA"
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