Política monetária, política orçamental, rácios de capital, controlo de fluxos financeiros. Anualmente, o FMI produz um documento de reflexão e análise dos principais tópicos de política monetária. Rethinking macro policy II: getting granular é o mais recente, e incorpora a melhor investigação do FMI acerca dos hot topics do policy making. Altamente recomendado. Em baixo, uma citação do autor, Olivier Blanchard.
To go back to the issue raised in the introduction: despite significant research progress and policy experimentation in the last two years, the contours of future macroeconomic policy remain vague. The relative roles of monetary policy, fiscal policy, and macroprudential policy are still evolving. We can see two alternative structures developing: at a less ambitious extreme, a return to flexible inflation targeting could be foreseen, with little use of fiscal policy for macroeconomic stability purposes, and limited use of macroprudential instruments as they prove difficult or politically costly to use. At a more ambitious extreme, central banks could be envisaged to have a broad macroeconomic and financial stability mandate, using many monetary and macroprudential instruments, and more actively using fiscal policy tools. Where we end up is likely to be the result of experimentation, with learning pains but with the expectation of more successful outcomes.