International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond

Pierre-Olivier Gourinchas

IMF Economic Review, 2023, vol. 71, issue 1, No 1, 34 pages

Abstract: Abstract This Mundell–Fleming lecture reviews some of the main developments in international macroeconomics since the early 2000s. It highlights four important areas of progress: (a) on international pricing and invoicing; (b) on sectoral trade and production networks; (c) on the cross-border allocation of capital and the role of global financial intermediaries; (d) on cross-border externalities and prudential policies. It then explores three specific questions, relevant for future research and policy: (a) the implementation of optimal prudential policy via ‘basis control;’ (b) recent developments about the US external balance sheet and its ‘exorbitant privilege;’ and (c) the reform of the International Financial and Monetary System.

JEL-codes: F3 F31 F32 F33 F38 F4 F41 F42 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1057/s41308-022-00171-x

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