Summary

Senior Fellows Michael Mussa, Martin Baily, and Edwin M. Truman discussed the international economic outlook for the rest of 2007 and offered a preliminary assessment for 2008 at the Institute's eleventh semiannual Global Economics Prospects meeting.

Michael Mussa was chief economist of the International Monetary Fund from 1991 until 2001 and a member of the Council of Economic Advisers during 1986-88; he addressed the outlook for the overall world economy.  Martin Baily was Chairman of the Council of Economic Advisers from 1999 until early 2001; he focused on the prospects for growth and inflation in the United States.  Edwin Truman directed the International Finance Division of the Federal Reserve Board from 1977 to 1998 and then served as assistant secretary of the Treasury for International Affairs until 2001; he discussed recent developments in the domestic and global financial markets and their implications for the economic outlook.

Event Materials

Paper: Global Economic Prospects 2007/2008: Slowing to Sustainable Growth [pdf]
Michael Mussa, Peterson Institute

Presentation: The US Economic Outlook: A Soft Takeoff with Downside Risk [pdf]
Martin Neil Baily, Peterson Institute
and Jacob Funk Kirkegaard, Peterson Institute

Paper: Financial-Market Turbulence: Greed versus Fear and Does It Matter? [pdf]
Edwin M. Truman, Peterson Institute