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Introduction

In: The Global Macro Economy and Finance

Author

Listed:
  • Franklin Allen

    (University of Pennsylvania)

  • Masahiko Aoki

    (Stanford University)

  • Jean-Paul Fitoussi

    (Sciences-po)

  • Roger Gordon

    (University of California)

  • Nobuhiro Kiyotaki

    (Princeton University)

  • Joseph E. Stiglitz

    (Columbia University)

Abstract

In the event of 2007 financial crisis and its prolonged aftermath, it has become increasingly evident that macroeconomic mechanisms and financial institutions, as well as macroeconomic theory and policy relevant to them, are not well tuned to, or in step with, rapidly changing global economic environments. National economies, developed, emerging and developing alike, are ever more closely interconnected through market and financial integration, fast information transmission and human resource mobility, restructuring of the global division of labor, and so on. Macroeconomics, as well as financial economics, appear urged to re-examine, and possibly re-orient, its accepted premises, research foci, analytical method, and even underlying philosophy, in order to understand the nature of problems that the global economy is facing, improve on economic policy and prudent regulations, and reform global and national economic institutions. Understandably, meeting this challenge would be hardly easy because of the complexity of the issues involved.

Suggested Citation

  • Franklin Allen & Masahiko Aoki & Jean-Paul Fitoussi & Roger Gordon & Nobuhiro Kiyotaki & Joseph E. Stiglitz, 2012. "Introduction," International Economic Association Series, in: Franklin Allen & Masahiko Aoki & Jean-Paul Fitoussi & Nobuhiro Kiyotaki & Roger Gordon & Joseph E. S (ed.), The Global Macro Economy and Finance, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-03425-0_1
    DOI: 10.1057/9781137034250_1
    as

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