Download this Paper Open PDF in Browser

The State of Macro

32 Pages Posted: 27 Aug 2008  

Olivier J. Blanchard

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

Multiple version iconThere are 4 versions of this paper

Date Written: August 2008

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.

Suggested Citation

Blanchard, Olivier J., The State of Macro (August 2008). NBER Working Paper No. w14259. Available at SSRN: https://ssrn.com/abstract=1248781

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

Paper statistics

Downloads
270
Rank
2,774
Abstract Views
2,204