Rethinking Macroeconomic Policy

19 Pages Posted: 20 Feb 2010

See all articles by Olivier J. Blanchard

Olivier J. Blanchard

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

Giovanni Dell'Ariccia

International Monetary Fund (IMF) - Research Department; Centre for Economic Policy Research (CEPR)

Paolo Mauro

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

Date Written: January 2010

Abstract

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review the main elements of the pre-crisis framework still hold, and take a tentative first pass at the contours of a new macroeconomic policy framework.

Keywords: Macroeconomic policy, macroprudential regulation, inflation targets, automatic stabilizers

JEL Classification: E44, E52, E58, G38, H50

Suggested Citation

Blanchard, Olivier J. and Dell'Ariccia, Giovanni and Mauro, Paolo, Rethinking Macroeconomic Policy (January 2010). Available at SSRN: https://ssrn.com/abstract=1555117 or http://dx.doi.org/10.2139/ssrn.1555117

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

Giovanni Dell'Ariccia

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-8135 (Phone)
202-623-4352 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Paolo Mauro

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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