Post-Macroeconomics: Lessons from the Crisis and Strategic Directions Ahead

Journal of International Commerce, Economics and Policy

Volumn 2, Issue 2, 2011, Pages 277-304

  Monga, Celestin ^a  

^a WORLD BANK   (United States)

Author keywords

crisis; Keynesianism; leveraging; Macroeconomics; metanarrative; post macroeconomics; securitisation

Indexed keywords

EID: 84855296075     PISSN: 17939933     EISSN: 17939941     Source Type: Journal    
DOI: 10.1142/S1793993311000312     Document Type: Article

References (46)

1. Acemoglu, D (2009). The crisis of 2008: Structural lessons for and from economics. Mimeo, Massachusetts Institute of Technology, January 11.
2. Akerlof, GA and RJ Shiller (2009). Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton: Princeton University Press.
3. Andrews, EL (2009). Lender's role for FED makes some uneasy. The New York Times, June 12.
4. Appiah, KA (1992). In My Father's House: Africa in the Philosophy of Culture. New York: Oxford University Press.
5. Aversa, J (2009). A new role as 'Risk Regulator' could reshape the FED. Accessible at http://www.timesfreepress.com/news/2009/jun/16/new-role-risk-regulator-could-reshape-fed
6. Barro, RJ (2009). Government spending is no free lunch. The Wall Street Journal, January 22.
7. Becker, G and K Murphy (2009). Do not let the 'cure' destroy capitalism. Financial Times-The Future of Capitalism, May 12.
8. Bernanke, BS (2009). Four questions about the financial crisis, address delivered at Morehouse College, Atlanta, Georgia, April 14.
9. Blanchard, O and R Perotti (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. Quarterly Journal of Economics, 117, 1329-1368.
10. Blanchflower, D (2009). The future of monetary policy. Speech at Cardiff University, March 24.
11. Bourguignon, F (2006). Economic growth: Heterogeneity and firm-level disaggregation. PREM Lecture, Washington DC, World Bank, May.
12. Cochrane, JH (2011). Understanding policy in the great recession: Some unpleasant fiscal arithmetic. European Economic Review, 55, 2-30.
13. Cochrane, JH (2009). How did Paul Krugman get it so wrong? Accessible at http://faculty. chicagobooth.edu/john.cochrane/research/papers/krugman-response.htm.
14. Colander, D (2009). The financial crisis and the systemic failure of academic economics. Working paper No.1489, Kiel Institute for the World Economy, February.
15. Cukierman, A (1992). Central bank strategy, credibility, and independence: Theory and evidence. Bostrn, MA: MIT Press.
16. Eicher, AS (ed.) (1979). A Guide to Post Keynesian Economics. New York: White Plains.
17. Ela, JM (1990). Quand l'Etat pénètre en brousse, Les ripostes paysannes à la crise, Paris, Karthala.
18. Francesco, G and M Pagano (1990). Can severe fiscal contractions be expansionary?-Tales of two small European countries. In OJ Blanchard and S Fischer, NBER Macroeconomics annual, Massachusetts.
19. Friedman, BM (2009). The failure of the economy and the economists. The New York Times Review of Books, May 28.
20. Galbraith, JK and C Monga (1994). Où en est l'économie du Développement Aujourd'hui. Afrique 2000-Revue Africaine de Politique Internationale, 18, 69-75.
21. Greenwald, B and JE Stiglitz (1993). New and old Keynesians. The Journal of Economic Perspectives, 7(1), 23-44.
22. ILO (2011). Global employment trends 2011: The challenge of a jobs recovery, Geneva, January.
23. Krugman, P (2009). How did economists get it so wrong? New York Times Magazine, September 2.
24. Lin, JY (2011). Beyond Keynesianism: The necessity of a globally coordinated solution. Harvard International Review, Summer, 15-17.
25. Lin, JY (2008). The impact of the financial crisis on developing countries. Speech at the Korea Development Institute, Seoul, October 31.
26. Lucas, RE (1980). The death of Keynesian economics, issues and ideas. University of Chicago, 18-19.
27. Lyotard, JF (1984). The postmodern condition: A report on knowledge, Minneapolis, University of Minnesota Press.
28. Malinvaud, E (1991). Voies de la Recherche Macroéconomique, Paris, Editions Odile Jacob.
29. Mankiw, NG (2006). The macroeconomists as scientist and engineer. Journal of Economic Perspectives, 20, 29-46.
30. Mishkin, F (2002). Inflation targeting. In Brian Vane and Howard Vine (Eds.), An Encyclopedia of Macroeconomics. London: Edward Elgar.
31. Mkandawire, T and A Olukoshi (eds.) (2002). Between liberalisation and oppression: The politics of structural adjustment in Africa, Dakar, Codesria.
32. Monga, C (2007). L'aide est-elle un obstacle à la croissance? Paper Presented at the Conference on "Aide publique au développement, 50 ans après", Dakar, December 7.
33. Perotti, R (2007). Fiscal policy in developing countries: A framework and some questions. Policy Research Working Paper No. 4365, World Bank, Washington DC.
34. Philips, W (1958). The relationship between unemployment and the rate of change of money wages in the United Kingdom 1861-1957. Economica, 25, 283-299.
35. Romer, D (1993). The new Keynesian synthesis. The Journal of Economic Perspectives, 7, 5-22.
36. Roubini, N (2008). How will financial institutions make money now that the securitization food chain is broken? Available at http://www.rgemonitor.com/blog/roubini/252638, last accessed on May 3, 2011.
37. Sargent, TJ (1987). Dynamic Macroeconomic Theory. Boston, MA: Harvard University Press.
38. Schumpeter, JA (1982). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. New Brunswick: Transaction Publishers.
39. Schumpeter, JA (1975). Capitalism, Socialism and Democracy. New York: Harper.
40. Solow, RM (2009). How to understand the disaster. The New York Review of Books, 56, 4-8.
41. Solow, RM (2008). The state of macroeconomics. The Journal of Economic Perspectives, 22(1), 243-246.
42. Stiglitz, JE (2010). Freefall: America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton & Company.
43. Terada-Hagiwara, A and C Yuji Horioka (2010). Future prospects for emerging Asia's saving rate and implications for global imbalances, Asahi Shimbum, English Web Edition, November 15, 2010.
44. Tobin, J (1993). Price flexibility and output stability: An old Keynesian view. The Journal of Economic Perspectives, 7, 45-65.
45. Woodford, M (2003). Interests and Prices. US: Princeton University Press.
46. World Bank (2011). Global economic prospects. Washington DC.