The Global Macro Economy and Finance

1. Front Matter

   Pages i-xix

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2. Introduction

   1. Introduction

      • Franklin Allen, Masahiko Aoki, Jean-Paul Fitoussi, Roger Gordon, Nobuhiro Kiyotaki, Joseph E. Stiglitz

      Pages 1-10

3. Beyond GDP

   1. Front Matter

      Pages 11-11

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   2. On the Measurement of Social Progress and Wellbeing: Some Further Thoughts

      • Jean-Paul Fitoussi, Joseph E. Stiglitz

      Pages 13-24

   3. The Role of Statistics in the United States’ Economic Future

      • J. Steven Landefeld, Shaunda Villones

      Pages 25-37

   4. Measuring Equitable and Sustainable Wellbeing in Italy

      • Enrico Giovannini, Tommaso Rondinella

      Pages 38-57

4. Structural Imbalances, Financial Frictions and Externalities

   1. Front Matter

      Pages 59-59

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   2. Sectoral Imbalances and Long-run Crises

      • Domenico Delli Gatti, Mauro Gallegati, Bruce C. Greenwald, Alberto Russo, Joseph E. Stiglitz

      Pages 61-97

   3. Capital Flows, Crises, and Externalities

      • Anton Korinek

      Pages 98-117

   4. Liquidity Shocks and Asset Prices in the Business Cycle

      • Shouyong Shi

      Pages 118-130

   5. Whither Capitalism? Financial Externalities and Crisis

      • Marcus Miller, Lei Zhang

      Pages 131-153

   6. Bank Lending and Credit Supply Shocks

      • Simon Gilchrist, Egon Zakrajšek

      Pages 154-176

   7. A Mechanism Design Approach to Financial Frictions

      • Nobuhiro Kiyotaki

      Pages 177-187

5. Behavior of Financial Institutions and Prudential Regulations

   1. Front Matter

      Pages 189-189

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   2. Systemic Risk and Macroprudential Regulation

      • Franklin Allen, Elena Carletti

      Pages 191-210

   3. Filling the Gaps — the Vienna Initiative and the Role of International Financial Institutions in Crisis Management and Resolution

      • Erik Berglof

      Pages 211-223

   4. Some Recent Progresses on Financial Structure and Development

      • Justin Yifu Lin, Lixin Colin Xu

      Pages 224-244

   5. The Race to Zero

      • Andrew G. Haldane

      Pages 245-270

   6. A Model of Private Equity Fund Compensation

      • Wonho Wilson Choi, Andrew Metrick, Ayako Yasuda

      Pages 271-286

6. Taxation in a Globalized Economy

   1. Front Matter

      Pages 287-287

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This volume explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human well-being. Leading economists analyse the light that the recent crisis has shed on the global economic architecture, and the policies needed to address these systemic risks.

• business cycle
• capitalism
• economic development
• economic policy
• economic theory
• macroeconomics
• mechanism design
• statistics
• taxation
• welfare

• University of Pennsylvania, USA

  Franklin Allen

• Stanford University, USA

  Masahiko Aoki

• Sciences Po, France

  Jean-Paul Fitoussi

• Princeton University, USA

  Nobuhiro Kiyotaki

• University of California, San Diego, USA

  Roger Gordon

• Columbia University, USA

  Joseph E. Stiglitz

FRANKLIN ALLEN, University of Pennsylvania, USA
MASAHIKO AOKI, Stanford University, USA
JEAN-PAUL FITOUSSI, Science Po, France
NOBUHIRO KIYOTAKI, Princeton University, USA
ROGER GORDON, University of California, San Diego, USA
JOSEPH STIGLITZ, Columbia University, USA

Policies and ethics