International Macroeconomics in the Wake of the Global Financial Crisis
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity gro
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Laurent Ferrara · Ignacio Hernando Daniela Marconi Editors
International Macroeconomics in the Wake of the Global Financial Crisis
Financial and Monetary Policy Studies Volume 46
Series Editor Ansgar Belke, Fakultät für Wirtschaftswiss, University of Duisburg-Essen, Essen, Germany
More information about this series at http://www.springer.com/series/5982
Laurent Ferrara Ignacio Hernando Daniela Marconi •
Editors
International Macroeconomics in the Wake of the Global Financial Crisis
123
Editors Laurent Ferrara Directorate for International and European Relationships Banque de France Paris France
Daniela Marconi Directorate for International Relations and Economics Banca d’Italia Rome Italy
Ignacio Hernando Associate Directorate General International Affairs Banco de España Madrid Spain
ISSN 0921-8580 ISSN 2197-1889 (electronic) Financial and Monetary Policy Studies ISBN 978-3-319-79074-9 ISBN 978-3-319-79075-6 (eBook) https://doi.org/10.1007/978-3-319-79075-6 Library of Congress Control Number: 2018938356 © Springer International Publishing AG, part of Springer Nature 2018 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by the registered company Springer International Publishing AG part of Springer Nature The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
A decade after the Lehman Brothers collapse set off the most severe global downturn since the Great Depression, we are still coming to grips with the most recent chapter in the world’s economic history. Financial factors, of course, have played a leading role in causing the crisis, in generating its effects, and in the policy response–leading to ongoing efforts to synthesize more completely macroeconomics and finance in economists’ intellectual paradigms. But even a more conventional focus on macroeco
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