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The State of Macro

Olivier J. Blanchard

National Bureau of Economic Research (NBER); Peter G. Peterson Institute for International Economics

August 12, 2008

MIT Department of Economics Working Paper No. 08-12

For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battle field. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one has come with the destruction of some knowledge, and suffers from extremism and herding. None of this is deadly however. The state of macro is good.

The first section sets the stage with a brief review of the past. The second argues that there has been broad convergence in vision, and the third reviews the specifics. The fourth focuses on convergence in methodology. The last looks at current challenges.

Number of Pages in PDF File: 32

Keywords: Macroeconomics, shocks, propagation mechanisms, fluctuations

JEL Classification: E20, E30, E40

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Date posted: August 20, 2008 ; Last revised: August 26, 2008

Suggested Citation

Blanchard, Olivier J., The State of Macro (August 12, 2008). MIT Department of Economics Working Paper No. 08-12. Available at SSRN: http://ssrn.com/abstract=1235536 or http://dx.doi.org/10.2139/ssrn.1235536

Contact Information

Olivier J. Blanchard (Contact Author)
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Peter G. Peterson Institute for International Economics ( email )
1750 Massachusetts Avenue, NW
Washington, DC 20036
United States
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