Lessons of Global Crisis for Macroeconomic Policy

The economic crisis though imposes a disruptive impact on the economy and generate tremendous problem for it، but can be considered as a best time to test the validity of different economic theories. The recent economic crisis has once again put forward the question whether economic policies should be concerned about the boom of asset prices and increase in financial leverage. In this paper which is prepared by the IMF experts and approved by prof. Oliver Blanchard the senior economist of IMF institute، the appropriate monetary and fiscal policies which are essential for prevention of future crisis and could mitigate the recent economic crisis، are discussed and debated. Although according to some economists، this paper has not dealt much with the main roots of crisis، but it contains valuable policy recommendations which can stimulate the thought and incentives of researchers towards the pertaining issues.