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In April of 2015, the International Monetary Fund gathered leading academic economists and policymakers, to discuss the shape of future macroeconomic policy. This book presents their combined insights. The chapters of the book address the policy debate in a number of areas: (i) whether the global economy has entered a “new normal” of low growth, negative real interest rates, and deflationary pressures; (ii) whether new financial regulations have helped stem systemic risk; (iii) the effectiveness of macro prudential tools; (iv) the future of monetary policy and whether it will revert to pre-crisis frameworks; (v) the future of fiscal policy and the balance between macro stabilization and debt sustainability; (vi) the volatility of international capital flows and the scope for exchange rate management and capital controls; and (vii) the international monetary system and the role of international policy coordination. In the final chapter, volume editor Olivier Blanchard asks whether there is progress or confusion regarding the future of macroeconomic policy. The answer is both. Many lessons have been learned; however, there is no clear agreement on several key issues.
