New Journal to Showcase IMF's Role in Crisis

• Author: International Monetary Fund

Pierre-Olivier Gourinchas, the editor of the new journal and professor of economics at the University of California at Berkeley, recently sat down with the IMF's Archana Kumar to discuss the IMF Economic Review.

IMF Survey online: First, a question on many people's mind, why the new journal and why now?

Gourinchas: There is a growing perception that the Fund has a major role to play in warning policymakers about fault lines in the global financial system and also helping countries deal with current and future crises. Many of the questions raised by the current crisis don't yet have definite answers. So there's a great need for rigorous academic research on these issues, and, through a new journal, the Fund sends a powerful signal that it's serious about these questions.

IMF Survey online: In terms of the research agenda and content, what do you plan on emphasizing in the IMF Economic Review?

Gourinchas: The list is long. Perhaps I would start with macrofinancial linkages, and the role of financial frictions in the current crisis and its impact on macroeconomic adjustment. One could also mention channels of transmission of the current crisis and how the U.S. financial crisis of 2007 morphed into a global economic downturn. There are a number of issues associated with the reform of the international monetary system that are very relevant for the Fund and for policymakers in general. I would also mention the global implications of rising public debt.

IMF Survey online: So it seems like you have a pretty broad agenda.

Gourinchas: Yes, it's a very broad agenda. Anything that is related to global macro and finance is within our purview.

IMF Survey online: Is the new journal also going to be closely associated with various conferences organized by the Fund, such as the Annual Research Conference?

Gourinchas: Absolutely. In fact, this year's Annual Research Conference in November will provide papers for the inaugural issue of the IMF Economic Review. We expect to work closely with the Annual Research Conference in years to come as well. The theme of this year's conference on Financial Frictions and Macroeconomic Adjustment is very much related to the issues we're interested in the Review.

IMF Survey online: A question about audience: Most research journals appeal to an academic audience. Is that the readership you have in mind for the IMF Economic Review?

Gourinchas: Not exclusively. Of course, we expect academic researchers to be interested in...