In the Wake of the Crisis: Leading Economists Reassess Economic Policy

mprovise. What should be done when interest rates reach the zero floor? How is liquidity best provided to segmented financial institutions and markets? How much should fiscal policy be used when starting from high levels of debt?
After the initial fires were put out, many questions remained. Is inflation targeting the right way to conduct policy, or should the monetary authority watch a larger set of targets? Should central bankers develop and use new tools, so-called macroprudential instruments? Could fiscal policy be u