In a Vox column, Olivier Blanchard distills ten takeaways from an IMF conference on “Rethinking Macro Policy. Progress or Confusion?’” He lists them under the following headings:
- What will be the ‘new normal’?
- What the new normal will be matters a lot for policy design
- Can we hope to limit systemic financial risk?
- Should monetary policy go back to its old ways?
- Instrument rules
- Macroprudential tools or financial regulation
- Should central banks keep their independence?
- Little progress on the design of fiscal policy
- The complex effects of capital flows
- How much can the international monetary system be improved?