Joseph E. Gagnon, PIIE, and Jay Shambaugh, Council of Economic Advisers, discuss the capacity and prospects for macroeconomic stimulus ahead of the spring meetings of the International Monetary Fund and World Bank. Following their presentations are discussants Patrick Honohan, former governor of the Central Bank of Ireland, and Carlo Cottarelli, former director of the fiscal affairs department of the IMF. The event was held at PIIE on April 12, 2016. For more information, visit: www.piie.com/events/event_detail.cfm?EventID=436