2022, 14th Annual Feldstein Lecture, Gita Gopinath, "Managing a Turn in the Global Financial Cycle"

Gita Gopinath, the first deputy managing director of the International Monetary Fund, delivered the 2022 Martin Feldstein Lecture, on “Managing a Turn in the Global Economy.” She described the policy challenges facing emerging markets, many of which have experienced rising debt-to-GDP ratios in the last decade, as global interest rates increase. She highlighted the need to integrate a range of policy instruments, including but not limited to the flexible exchange rates and domestic interest rates that are the focus of the conventional analysis, in designing a policy response. The Feldstein Lecture Series was launched in 2009 by the NBER Board of Directors to celebrate the contributions of distinguished economist and long-time NBER President Martin Feldstein, who passed away in 2019.

Read the published version of the Lecture

Support for the 2022 NBER Summer Institute, which included this lecture, was generously provided by the Alfred P. Sloan Foundation grant #G-2019-12304, the National Science Foundation grant #1851757, and the Lynde and Harry Bradley Foundation grant #20221137.