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DATE: October 6, 2016

DAY: Thursday

10:00 AM - 11:30 AM

LOCATION: George Washington University, Jack Morton Auditorium

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The global recovery has been anemic and future prospects have dimmed. Monetary policy has been stretched to extremes with quantitative easing and zero interest rates, yet investment remains subdued and deflationary pressures linger. Waning productivity, growing income inequality, and the longer-term implications of shifting demographics have led to repeated markdowns of medium-term growth potential. Should there be a pivot toward new ways of thinking about fiscal policy in a “new normal” of prolonged slow growth, in terms of both its countercyclical role and its effectiveness in boosting productivity and catalyzing longer-term inclusive growth?

Join the conversation via #IMFonFiscal

Join the conversation via #IMFonFiscal

Fiscal Policy in the New Normal

Fiscal Policy in the New Normal


Moderator: Vitor Gaspar

Vitor Gaspar is Director of the Fiscal Affairs Department at the International Monetary Fund. Prior to joining the IMF, he held a variety of senior policy positions in Banco de Portugal, including most recently Special Adviser. He served as Minister of State and Finance of Portugal from 2011– 2013. He was head of the European Commission’s Bureau of European Policy Advisers from 2007–2010 and director-general of research at the European Central Bank from 1998 to 2004.

Panelist: Brad DeLong

Brad DeLong is a Professor of Economics at the University of California, Berkeley, a research associate of the National Bureau of Economic Research, a blogger at the Washington Center for Equitable Growth, and a fellow of the Institute for New Economic Thinking. DeLong served as U.S. Deputy Assistant Secretary of the Treasury for Economic Policy from 1993 to 1995. Before joining the Treasury Department, he was Danziger Associate Professor in the Department of Economics at Harvard University. 

Panelist: Mitsuhiro Furusawa

Mitsuhiro Furusawa is Deputy Managing Director of the International Monetary Fund. Mr. Furusawa joined the IMF after a distinguished career in the Japanese government, including several senior positions in the Ministry of Finance in recent years. Immediately before coming to the Fund, he served as Special Advisor to Japanese Prime Minister Shinzo Abe and Special Advisor to the Minister of Finance.

Panelist: Bill Morneau

Bill Morneauis Canada’s Finance Minister. Previously, he led Morneau Shepell and was Pension Investment Advisor to Ontario’s Finance Minister. He is a former chair of the C. D. Howe Institute. He holds an MSc from the London School of Economics and an MBA from INSEAD.

Panelist: Ludger Schuknecht

Ludger Schuknecht is Chief Economist at the German Ministry of Finance, and head of the Directorate General Fiscal Policy and International Financial and Monetary Policy. In his previous position as Senior Advisor in the Directorate General Economics of the European Central Bank, he contributed to the preparation of monetary policy decision making and the ECB positions in European policy coordination.

Panelist: Arvind Subramanian

Arvind Subramanian is the Chief Economic Advisor to the government of India. He was Assistant Director in the Research Department of the IMF, served at the GATT, and taught at Harvard University's Kennedy School of Government and at Johns Hopkins School for Advanced International Studies.  In 2011, Foreign Policy Magazine named him one of the top 100 global thinkers.

(As of September 2016)