© 2018

International Macroeconomics in the Wake of the Global Financial Crisis

  • Laurent Ferrara
  • Ignacio Hernando
  • Daniela Marconi


  • Examines the consequences of the global financial crisis on the world economy and discusses the resulting macroeconomic policy implications

  • Investigates growth and inflation drivers extensively

  • Studies the role of the central banks

  • Goes beyond macroeconomic factors by including the financial sector


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

About the editors

Laurent Ferrara is head of the International Macroeconomics Division at the Banque de France and adjunct professor of Economics at the University of Paris Nanterre. He holds a PhD in Applied Mathematics from the University of Paris North (2001) and a postdoctoral  qualification in Economics from the University of Paris 1 – Panthéon – Sorbonne (2007). His academic research mainly focuses on international economics, macroeconomic forecasting, non-linear econometric methods and business cycle analysis.

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 Marconi is 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.

Bibliographic information

Industry Sectors
Finance, Business & Banking