by Daniela Marconi (Editor), Laurent Ferrara (Editor), Ignacio Hernando (Editor)
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 growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis.
Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position.
Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Format: Hardcover
Pages: 314
Edition: 1st ed. 2018
Publisher: Springer
Published: 25 Jun 2018
ISBN 10: 3319790749
ISBN 13: 9783319790749
Daniela Marconi is a senior advisor at Banca d'Italia. Since 2002, she has worked in the International Relations and Economics Directorate, conducting macroeconomic analysis and research on emerging markets. She holds an M.A. in Economics from CORIPE Piemonte (Turin, Italy) and an M.A. in Economics from Duke University (NC, USA). Her main academic interests are international macroeconomics, technological advances, economic growth and environmental economics. She has authored numerous papers and articles in these areas.