I welcome the opportunity to join in the celebration of the twenty-fifth birthday of the <em>Journal of Economic Perspectives</em>. It is wonderful to see how this "baby," which I, along with Carl Shapiro and Timothy Taylor, nurtured through its formative years—from 1984 (three years before the first...

In 2011, the International Monetary Fund invited prominent economists and economic policy makers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak...