For Europe, the war in Ukraine is a first-order economic shock. While the direct fiscal implications of taking care of refugees, increasing military spending and strengthening energy autonomy remain limited, the impact of elevated energy and food prices on national income and its distribution is...

A roadmap to "rethinking macro" / Olivier Blanchard and Rafael Portillo -- Debt supercycle not secular stagnation / Kenneth Rogoff -- Rethinking secular stagnation after seventeen months / Lawrence Summers -- Systemic risk and financial regulation -- A note from the session on systemic risk and...

Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to...

Contents -- 1 A Road Map to "Progress and Confusion" -- Part I The "New Normal" -- 2 Debt Supercycle, Not Secular Stagnation -- 3 Rethinking Secular Stagnation after Seventeen Months -- Part II Systemic Risk and Financial Regulation -- 4 A Note from the Session on Systemic Risk and Financial...