The 2022 Martin Feldstein Lecture: 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 transcription of the Lecture