Maurice Obstfeld on managing the next global economic crisis: New thinking in macroeconomics

Summary: More than a decade since the global financial crisis, economic thinking has continued to evolve, shaped by the harsh realities of recent experience. With global economic governance also under pressure and potentially fraying, the kind of cooperation needed to contain potential crises and sustain global economic prosperity is vastly more difficult and uncertain. What are the key lessons from the 2008 crisis and what does this mean for managing future economic crises? Lowy Institute International Economy Program Director Roland Rajah and Professor Maurice Obstfeld, former Chief Economist at the International Monetary Fund and Professor of Economics at the University of California, Berkeley, discussed the latest economic thinking on the future of the global economy and where policymaking is headed.