This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...

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...

Leading economists consider the shape and future of economic policy: Will it resume the pre-crisis consensus or contend with the post-crisis 'new normal'? Have we made progress with addressing the major issues or does confusion remain in today's economic environment? Chapters address topics that...