International Macroeconomics in the Wake of the Global Financial Crisis
About this ebook
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.
About the author
Ignacio Hernando has been head of the International Economics Division at Banco de España since 2010. He received his B.A. in Economics at Universidad Complutense de Madrid, an M.A. in Monetary Economics at CEMFI, and a PhD in Economics at UNED. He is a member of the International Relations Committee of the European System of Central Banks. His main research interests are international macroeconomics and monetary policy.
Daniela Marconiis 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.
