Economic Policy: Theory and Practice
by Agnès Bénassy-Quéré, Benoît Coeuré, Pierre Jacquet and Jean Pisani-Ferry.
Oxford University Press
September 2010
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Presentation
This text is the first comprehensive survival kit for students and practitioners of economic policy. It is set to become an indispensable resource for everyone involved or interested in modern economic policy. Academic scholars willing to engage in policy discussions and students at graduate or advanced undergraduate levels will find it an essential bridge to the policy world. What makes the book unique is that it combines like no other, facts-based analysis, state-of-the art theories and models, and insights from firsthand policy experience at national and international levels. The book has grown out of ten years of experience teaching economic policy at the graduate level. It provides an intellectually coherent framework to understand the potentialities and limits of economic policy. It addresses positive dimensions (how do policies impact on modern economies?), normative dimensions (what should policymakers aim to achieve and against what should their action be judged?) and political-economy constraints (which are the limits and obstacles to public intervention?). It fills an important gap by reconciling in each major policy area stylized facts of recent economic history, key questions faced by contemporary policymakers, and essential lessons from theory that are captured and explained in a clear, concise, and self-contained way. All major areas of domestic and international policymaking are covered: fiscal policy, monetary policy, international finance and exchange-rate policy, tax policy, and longterm growth policies. The book concludes with a special chapter on the lessons of the financial crisis. The authors are intellectually nonpartisan and they draw examples from various countries and experiences; from emerging markets to developing economies, shedding light when necessary on local specificities such as European Union rules and instruments. Economic Policy: Theory and Practice is the essential guide to economic policy in the new postcrisis context.
Read the preface by Olivier Blanchard
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Praise for Economic Policy: Theory and Practice (Excerpts)
“A revolutionary approach to teaching in macroeconomics ... This book will undoubtedly influence researchers and policy makers for many years to come”
Philippe Aghion, Harvard University
“A unique combination of positive and normative analysis … paving the way for a fresh approach to understanding and teaching economics”
Erik Berglöf, Chief Economist, EBRD
“This book is a book I would have loved to write”
Olivier Blanchard, MIT and Chief Economist, IMF
“A remarkable achievement … Let’s hope Economic Policy becomes widely used. If so, it will revolutionize the teaching of macroeconomics”
Alan S. Blinder, Princeton University, former Vice-Chairman of the Board of Governors of the Federal Reserve System
“Extremely useful not only for graduate students but also for policy makers and practitioners like myself”
Marco Buti, Director-General for Economic and Financial Affairs, European Commission
“A superb job. A must-read for anyone who wants to understand the turbulent times we live in”
Raghuram Rajan, Chicago’s Booth School of Business
“An indispensable guide for economists, policymakers and students”
Jacques de Larosière, BNP-Paribas, former IMF Managing Director
“Students and policymakers alike will find this book useful, engaging and thought-provoking”
Philipp Hildebrand, Chairman of the Governing Board, Swiss National Bank
“A fascinating example of how economics can be used to explain a complicated world and come up with convincing policy conclusions.”
Hans-Werner Sinn, University of Munich and CESifo
“A remarkable achievement, that fills an enormous gap”
Guido Tabellini, Bocconi University
“Not just a textbook but also a reflection on the causes and effects of the current global financial and economic crisis”
Yongding Yu, Chinese Academy of Social Sciences
Read the Praise for Economic Policy (full texts)
See the book's contents