Rethinking Macroeconomic Policy

Revista de Economía Institucional, Vol. 12, No. 22, 2010

22 Pages Posted: 26 Jul 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: June 1, 2010

Abstract

The great moderation lulled macro-economists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces to question that assessment. This paper reviews the main elements of the pre-crisis consensus, identify where we were wrong and what tenets of the pre-crisis framework still hold, and take a tentative first pass at the contours of a new macroeconomic policy framework.

Note: Downloadable document is in a foreign language.

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 (June 1, 2010). Revista de Economía Institucional, Vol. 12, No. 22, 2010. Available at SSRN: https://ssrn.com/abstract=1648933

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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