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The State of Macro
Olivier J. Blanchard
Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER); International Monetary Fund (IMF)
August 2008
NBER Working Paper No. w14259
Abstract:
For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battlefield. 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 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
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Date posted: August 27, 2008
Suggested CitationBlanchard, Olivier J., The State of Macro (August 2008). NBER Working Paper No. w14259. Available at SSRN: http://ssrn.com/abstract=1248781
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