International Macroeconomics in the Wake of the Global Financial Crisis

  • Laurent Ferrara
  • Ignacio Hernando
  • Daniela Marconi

Part of the Financial and Monetary Policy Studies book series (FMPS, volume 46)

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Laurent Ferrara, Ignacio Hernando, Daniela Marconi
    Pages 1-13
  3. Global Growth Slowdown: Supply-Side Factors

    1. Front Matter
      Pages 15-15
    2. Patrizio Pagano, Massimo Sbracia
      Pages 17-41
    3. Enrica Di Stefano, Daniela Marconi
      Pages 43-57
    4. Iván Kataryniuk, Jaime Martínez-Martín
      Pages 59-72
  4. Global Growth Slowdown: Demand-Side Explanations

    1. Front Matter
      Pages 97-97
    2. Alessandro Borin, Virginia Di Nino, Michele Mancini, Massimo Sbracia
      Pages 99-114
    3. Vincent Grossmann-Wirth, Clément Marsilli
      Pages 115-128
  5. New Challenges for Monetary Policies at a Time of High Uncertainty, Low Inflation and Low Real Interest Rates

    1. Front Matter
      Pages 157-157
    2. Laurent Ferrara, Stéphane Lhuissier, Fabien Tripier
      Pages 159-181
    3. Juan Carlos Berganza, Fructuoso Borrallo, Pedro del Río
      Pages 183-216
    4. Ignacio Hernando, Daniel Santabárbara, Javier Vallés
      Pages 217-229
  6. Exchange Rate Shocks, Capital Flows and International Spillovers

About this book


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.


Potential output growth Aggregate demand Monetary policy Uncertainty Natural interest rate Exchange rate shocks Capital flows

Editors and affiliations

  • Laurent Ferrara
    • 1
  • Ignacio Hernando
    • 2
  • Daniela Marconi
    • 3
  1. 1.Directorate for International and European RelationshipsBanque de FranceParisFrance
  2. 2.Associate Directorate General International AffairsBanco de EspañaMadridSpain
  3. 3.Directorate for International Relations and EconomicsBanca d’ItaliaRomeItaly

Bibliographic information

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