A roadmap to "rethinking macro" / Olivier Blanchard and Rafael Portillo -- Debt supercycle not secular stagnation / Kenneth Rogoff -- Rethinking secular stagnation after seventeen months / Lawrence Summers -- Systemic risk and financial regulation -- A note from the session on systemic risk and...

The great moderation lulled macro-economists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces to question that assessment. This paper reviews the main elements of the pre-crisis consensus, identify where we were wrong and what...