Global Commission Discusses Macroeconomics and Finance in New York

The latest meeting of INET’s Commission on Global Economic Transformation addressed the flaws in existing macroeconomic and financial models—and explored solutions to foster shared prosperity

Last week, INET’s Commission on Global Economic Transformation met in New York to discuss some of the most pressing issues in macroeconomics and global finance.

Commission co-chairs and Nobel laureates Michael Spence and Joseph Stiglitz, Commissioners Mohamed El-Erian, Nelson Barbosa, Peter Bofinger, Adair Turner, Danny Quah, Eisuke Sakakibara, and INET President Rob Johnson led a conversation with leading thinkers from the worlds of diplomacy, policymaking, academia, and labor. Guest speakers and participants included New School economist Teresa Ghilarducci, AFL-CIO director of policy and special counsel Damon Silvers, former foreign trade minister Anabel Gonzáles, INET senior economist Orsola Costantini, Stanford professor Anat Admati, and others.

Key topics and ideas discussed included:

  • Identifying issues, risks, and blind spots in finance and the macroeconomy: What are the most important questions and risks in the economy today, amid debates over policy instruments and objective, and are current theories and policy frameworks adequate to analyze the challenges before us?
  • When macroeconomic management meets the new economy: Are the existing instruments and practices of macroeconomic management adequate to tackle the challenges of the new economy?
  • Challenges to multilateralism and the future of global economic order
  • Making the financial system more inclusive, resilient, and efficient: Can banks, and the financial system at large, be reformed to become more resilient institutions that allocate resources more efficiently and better serve the society?
  • International trade, monetary policy, and governance systems: What are the key risks and challenges in the orderly function of the international system and what can be done to ensure a dynamic and inclusive order?

The lively discussion is a critical component of the Commission’s work on issues of finance and macroeconomics—an area in which we will be continue to post updates on the Commission’s webpage.