The lessons of the North Atlantic crisis for economic theory and policy

Joseph Stiglitz 09 May 2013

a

A

Editor’s note: This is the fourth of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

In analysing the most recent financial crisis, we can benefit somewhat from the misfortune of recent decades. The approximately 100 crises that have occurred during the last thirty years –as liberalisation policies became dominant – have given us a wealth of experience and mountains of data. If we look over a 150-year period, we have an even richer data set.

a

A

Topics:  Macroeconomic policy

Tags:  fiscal stimulus, fiscal multiplier

Preventing the next catastrophe: Where do we stand?

David Romer 09 May 2013

a

A

Editor’s note: This is the third of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

As I listened to the presentations and discussions, I found myself thinking about the conference (IMF 2013) from two perspectives:

a

A

Topics:  Macroeconomic policy

Tags:  fiscal stimulus, fiscal multiplier

Rethinking macroeconomic policy

Olivier Blanchard 09 May 2013

a

A

Editor's note: This is the second of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

The IMF has just hosted a second conference (IMF 2013) devoted to rethinking macroeconomic policy in the wake of the crisis. After two days of fascinating presentations and discussions, I am certain of one thing: this is unlikely to be our last conference on the subject.

a

A

Topics:  Macroeconomic policy

Tags:  fiscal stimulus, fiscal multiplier

The cat in the tree and further observations: Rethinking macroeconomic policy

George A. Akerlof 09 May 2013

a

A

Editor's note: This is the first of four columns sharing reflections on the recent IMF conference “Rethinking Macro Policy II: First Steps and Early Lessons”.

a

A

Topics:  Macroeconomic policy

Tags:  fiscal stimulus, fiscal multiplier

Does fiscal stimulus work in a monetary union? Evidence from US regions

Emi Nakamura, Jón Steinsson 02 October 2011

a

A

A major question facing many governments in the rich world today is whether we should try to stimulate the economy by increasing government spending. The professional opinion of economists regarding this question is sharply divided. While many economists believe that increases in government spending can have large ‘multiplier’ effects – ie increase output by more than the increase in spending – many others are sceptical of this and some even believe that increases in government spending may harm the recovery.

a

A

Topics:  Macroeconomic policy

Tags:  US, monetary union, fiscal multiplier

What is the size of the multiplier? An estimate one can’t refuse

Giancarlo Corsetti, Saverio Simonelli, Antonio Acconcia 04 April 2011

a

A

How much more demand, output, and employment can we expect from expansionary fiscal stimulus? Conversely, how much macroeconomic pain can we expect from a contraction dictated by the need to keep public debt on a sustainable path? These questions have become most compelling during different phases of the recent global crisis (see Barro and Redlick 2009, Almunia et al.

a

A

Topics:  Frontiers of economic research Macroeconomic policy

Tags:  Italy, fiscal stimulus, multiplier, fiscal multiplier, mafia

How big are fiscal multipliers? New evidence from new data

Enrique G. Mendoza, Carlos A. Vegh , Ethan Ilzetzki 01 October 2009

a

A

The economics profession did not and does not agree on one question that is critical in the evaluating governments’ responses to the crisis: How large is the stimulus impact of fiscal spending?

a

A

Topics:  Macroeconomic policy

Tags:  fiscal policy, global crisis, multiplier, fiscal multiplier